It is evident there is a lot of pressure on all cryptocurrency markets as of right now. With the vast majority of offerings in the deep red, it quickly becomes evident things will not get very exciting in the near future. Despite the overwhelming pressure, there are some currencies noting strong gains. The Enjin Coin price, for example, is going rather strong during these troublesome times.
Enjin Coin Price Becomes Even More Bullish
For people who have been around in the cryptocurrency industry for some time, random pumps of altcoins are nothing new under the sun whatsoever. These trends tend to happen at rather regular intervals, although one never knows which currency may get pumped next. Today, it would appear Enjin Coin is the flavor of the week, as its gains continue to pile up in very quick succession.
Over the past 24 hours, most of the top cryptocurrencies lost between 7% and 15% in value. As far as the Enjin Coin price is concerned, however, the situation is very different. More specifically, there is a 17.6% gain in USD value, pushing the price to $0.046292. There is also a 25% gain in BTC value and a 34.5% gain over Ethereum. All of these gains are very solid across the board, although there is just $8m in trading volume to go around as of right now.
On social media, it quickly becomes apparent there is a lot of interest in the ENJ price, rather than actual developments and partnerships. BTTrick James is quite pleased with how ENJ has performed today, although it seems most of the bullish momentum will be over by now. Maintaining such solid gains is not easy by any means, especially not under these circumstances.
#ENJOY YOSELF $ENJ #ENJ @EnjinCoin @enjin #enjin
— BTTrick James (@BTTrickjames) February 25, 2019
FeraS_Y is also keeping a close eye on the market, although his point to re-enter is not necessarily looking too appealing right now. Enjin Coin ha shit upon a key resistance level at least once in the past few days, yet it seems breaking through will prove to be a massive challenge. Even so, there may still be some good money to be made where ENJ is concerned, although chasing the top is never an advisable course of action.
$ENJ #ENJ update
we got nice profits from this one💰🎯
if you didn’t, it’s time because price just entered a key resistance block
next TP is the red zone (49% upper) BUT re entry should be:
support trend OR after price break current resistance and reclaim it as a Support
— FeraS_Y (@FeraSY1) February 25, 2019
While arbitrage opportunities exist for all markets today, it seems Enjin Coin is no exception in this regard. Its loop arbitrage option can be quite lucrative for traders looking to pocked at 34% profit in quick succession. It is another one of the options worth looking into on the quest to make money with cryptocurrencies every single day. After all, the overall market conditions can offer some interesting options in this regard.
Hurry! 34.57% loop arbitrage considering volume in #Kucoin via #CoinDCX.
If you buy #ENJ in BTC market from Kucoin and convert it to WAX in CoinDCX and sell it on #Kucoin.
— KoinKnight (@KoinKnight) February 25, 2019
As is usually the case where random altcoin pumps are concerned, one has to keep in mind the current Enjin Coin momentum may not necessarily remain in place for very long. After all, a lot of profit has already been made in the past few hours. Anyone entering now is at risk of becoming a bag holder, although that can be worthwhile, depending on how ENJ’s ecosystem evolves in the coming months.