Why Crypto Asset Enjin Coin rose 25% in a surprising rally

While the main cryptographic badets suggest to fall, a cryptocurrency begins the week with luster.

Enjin Coin (ENJ) Monday was traded at $ 0.211, up 25% from the open market. Earlier today, during the Asian morning session, the crypto badet was trading at $ 0.165. The price rise came mainly as a result of a surprising rise in volumes in South Korean markets. This evolution allowed the ENJ / dollar rate to exceed its new annual record, to 0.227.

Based on 24-hour real-time data, investors traded for $ 102.34 million from Enjin Coin, of which 767,007,985 ENJs were outstanding. Data on South Korean cryptocurrency stock exchanges Upbit and Bithumb showed that the South Korean won was the highest rated badet against ENJ, accounting for almost half of the total trade volume. Upbit also contributed 19.16% of bitcoin-enabled ENJ transactions, revealing that many investors have shortened the 'cryptocurrency king' to speculate on ENJ.

Samsung effect

The current meeting of the ENJ is reminiscent of the same upward movement that took place on March 8th. The ENJ / USD pair climbed 70% that day soon after the Korean media announced a new partnership between Enjin Coin and Samsung. The reports suggested that Samsung's S10 smartphones would have a portfolio using the ENJ-compatible blockchain. In a press release issued after the media, Enjin's Vice President of Marketing, Simon Kertonegoro, confirmed the creation of a partnership. However, he refused to reveal the exact nature of their contract with Samsung.

Congratulations to our partner @enjin for wallet integration with Samsung Galaxy S10. We are very pleased to be part of this mission to provide consumer users with the crypto-currency / decentralized chip trading https://t.co/AUp1Usrbj8.

– Kyber Network (@KyberNetwork) March 18, 2019

The ENJ / USD rate began to correct lower – 33.5% – and found a support zone greater than 0.151. From there, they moved horizontally in a straight fork until today's rally.

The half-cooked downward correction revealed that traders were not content with dumping ENJ at its highest peaks. On the contrary, he showed that investors were willing to buy the cryptography badet in new low-low and lower-level formations, indicating that the Samsung effect was still in place.

A bullish sign in the short term

Samsung's commitment to the Coins market Enjin has placed ENJ in a fundamentally bullish position. The fact that its bearish correction did not give rise to a prolonged movement reveals a positive commercial sentiment among investors. At the same time, nearly 26% of traders trading BTCs against ENJ explain their willingness to try out coins with the best fundamentals, to the detriment of the potentially bearish action of Bitcoin.

In technical language, ENJ has just come out of a bull flag formation – a minor fix that takes place when forming green candles. The break is bullish, from the point of view of traditional indicators alone.

The piece is now looking for a session support level close to $ 0.160. If it falls below, the market could then signal a prolonged bearish correction at 0.145 USD. On the upside, $ 0.228 comes to cap bullish movements.