Approaching the end of weak hands selloff
Two simple factors to consider about Enjin Coin:
WHO BOUGHT (AND WHY IT MATTERS)
On the 7th of April the Coinbase listing created a massive catalyst effect, probably attracting a few whales into its space.
This created a strong support at the 3USD level.
WHO SOLDS (AND WHY IT MATTERS)
Thousands of small players woke up with the temptation of a decent profit after participating in the ICO and buying in over the last 2-3 years.
These small players HAVE NO IDEA about the two factors listed above or the fundamentals of Enjin.
They mainly cared about paying off some mortgage, buying a car, spending money on some hookers, etc.
It seems the head and shoulders pattern was invalidated today, this suggests me the sell-off ended.
Volume tells us there were probably no whales involved in the sell-off.
My idea is that we shook off the bad apples from the tree and ENJ is now free to climb its path towards being a top 10 crypto, as it deserves to be.
- *Incoming disruption of the NFT ecosystem through Efinity and Polkadot synergy
*Ecological relevance thanks to gas free minting through the Jumpnet framework
WHO BOUGHT (AND WHY IT MATTERS)
On the 7th of April the Coinbase listing created a massive catalyst effect, probably attracting a few whales into its space.
This created a strong support at the 3USD level.
WHO SOLDS (AND WHY IT MATTERS)
Thousands of small players woke up with the temptation of a decent profit after participating in the ICO and buying in over the last 2-3 years.
These small players HAVE NO IDEA about the two factors listed above or the fundamentals of Enjin.
They mainly cared about paying off some mortgage, buying a car, spending money on some hookers, etc.
It seems the head and shoulders pattern was invalidated today, this suggests me the sell-off ended.
Volume tells us there were probably no whales involved in the sell-off.
My idea is that we shook off the bad apples from the tree and ENJ is now free to climb its path towards being a top 10 crypto, as it deserves to be.
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