Is Enjin Coin a Good Buy Amid an Ultra-Restrictive Fed?

 Enjin Coin (ENJ/USD) price is slightly down for the past two straight days as investors remain concerned about the Federal Reserve. The coin is trading at $1.8955, which is a few points below this week's high of $2.1500. It's down about 62% from its all-time high, bringing its total market cap to $1.7 billion.

Rate hikes are a concern

The Federal Reserve released minutes from its last meeting on Wednesday. Minutes confirmed what most analysts had expected. It showed the committee was willing to raise interest rates to mask rising consumer prices.

The minutes came shortly after the US released strong retail sales data. The numbers showed that total retail sales rose 3.8% in January, while core retail sales rose 3.3%. This happened even as inflation soared to its highest level in more than 40 years.

Meanwhile, data from the Bureau of Labor Statistics earlier this month showed the economy is adding thousands of jobs each month.

Therefore, there is no doubt that the Fed will hike rates and end its quantitative easing program in March. Therefore, such an aggressive tone is usually a bearish catalyst for risky assets like cryptocurrencies. This explains why bitcoin and other altcoins have fallen sharply today.

Enjin Coin's price has fallen due to its high exposure to risky assets. Aside from being a cryptocurrency, the business revolves around non-fungible tokens (NFTs), which are considered riskier.

Enjin is widely used in the NFT industry. Some of the companies using the ita platform to develop these products are PlayNFT, Gamerse, Motobloq and Binance.

Enjin Coin Price Prediction

The daily chart shows that the ENJ coin price surged to an all-time high of $5 on November 25, 2021. Since then, the coin has fallen more than 60%. Other coins like Bitcoin and Ethereum have also fallen during this period.

Enjin Coin has fallen below the 25-day and 50-day moving averages. It also formed a break and retest pattern by rallying to $2.15, which was December's lowest point.

Therefore, there are chances that the coin will resume the bearish trend as the bears target the next key support at $1.33, which was the lowest point this year.

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