What’s Next For ApeCoin (APE), Enjin Coin (ENJ) and Chronoly (CRNO) According To Analysts
The collapse of global equities markets is having a knock-on effect on the crypto markets. Lack of liquidity is causing a money vacuum in the cryptosphere as global central bankers grow hawkish to combat inflationary pressures. Investors have been fleeing crypto funds due to a drop in risk appetite and a strengthening dollar, with withdrawals topping $100 million last week. Apart from that, major cryptocurrencies including Bitcoin, Ethereum, Tether, Dogecoin, and Shiba have lost up to 33% in the last seven days. We look at what this means for the prospects of ApeCoin (APE), Enjin Coin (ENJ) and Chronoly (CRNO).
ApeCoin (APE) may be worth going long on
For disciplined and savvy traders who are prepared to hold their nerve, the ApeCoin price holds some excellent rewards. As a comeback to the upside generates some broad purchasing interest in cryptocurrencies this Monday, the Apecoin price might rise by 16 percent as buyers take advantage of low pricing. Although this appears to be a rich and “once-in-a-lifetime” opportunity, there are still risks associated with present global market dynamics, particularly inflation and recession concerns.
As a result, the APE price has some limited upside potential. Many analysts say that traders should be looking to go long on this token.
Enjin (ENJ) price may be ailing
The year has not been kind to the Enjin token, which reached an all-time high of $4.85 in November 2021. The token, which began the month at an index price of $1.06, has lost 40% of its value in just over 30 days. At the time of writing, the coin was trading at $0.59.
The index for the supply of the Enjin token on exchanges remained at $426.05 million at press time. It had been declining since May 10th. Continued increases in this indicator are usually suggestive of greater selling pressure. The amount of selling pressure has been steadily decreasing, indicating that investors have been hanging on to their ENJ coins.
Chronoly (CRNO) holders are worry free
Investors are joining this specialized project that benefits from first mover advantage and does not face competition from the likes of ApeCoin or Enjin. Chronoly.io has created the world’s first blockchain-based marketplace for fractional luxury watch investments. Users of the Chronoly ecosystem can trade small fractions of NFTs that are issued and backed by a physical watch that is kept in storage, and investors can redeem the watch if they hold 100% of the NFT fractions.
The luxury watch market has long been a popular investment option for high-net-worth individuals, with long-term investments in Rolex and Patek Philippe outperforming real estate, gold, oil, and even the Dow Jones. Chronoly (CRNO), with its unique concept and usage of NFTs and blockchain technology, could prove to be a gamechanger in turbulent times.
Since its debut in early May 2022, the price of Chronoly (CRNO) presale tokens has grown 400 %, which has shocked the cryptocurrency market. Before it hits mainstream exchanges, investors may still come onboard Chronoly through its phase two token sale. After the pre-sale, analysts expect a 50x target price of $0.5 for Chronoly CRNO tokens.