TL;DR:
- Enjin Coin (ENJ) posted a 70% gain in 24 hours and holds above $0.035. Its volume reached new multi-month highs.
- The Open Interest in ENJ futures hit a record $74.68 million on Thursday, up from $19.82 million on Tuesday.
- Analysts warn of early signs of buyer exhaustion and seller dominance that could halt the rally in the short term.
Enjin Coin posted one of the most explosive surges in the market over the past few hours. The native token of the gaming-oriented blockchain platform, ENJ, accumulated a 70% gain in the last 24 hours and held firmly above $0.035, backed by on-chain and derivatives data that reinforce the bullish trend.
According to Santiment data, trading volume across the Enjin ecosystem climbed to $371 million on Thursday, its highest level since April 2025. In parallel, data from CoinGlass revealed that the Open Interest in ENJ futures reached an all-time record of $74.68 million, up from just $19.82 million recorded the previous Tuesday. The spike in open interest signals the entry of fresh capital into the market, a factor that historically anticipates continuation in price movement.
However, doubt is beginning to surface among traders. CryptoQuant recorded an increase in retail activity, a signal frequently associated with shifts in market sentiment. Additionally, seller dominance is observed in both the spot market and the futures market, which could translate into bearish pressure and upside resistance in the short term.
Enjin’s Next Key Resistance Level
The four-hour chart for ENJ/USD reflects the magnitude of the rally. The price reclaimed positions above the short- and medium-term exponential moving averages: the 200-day EMA at $0.035 stands as the only immediate relevant resistance. The Relative Strength Index (RSI) sits at 70, in bullish bias territory, while the MACD histogram points sharply upward, confirming positive momentum.
If ENJ manages to close a daily candle above the 200-day EMA, the next target is set at $0.051, with additional resistance zones at $0.066 and $0.082. In the opposite scenario, initial support is found at $0.031, followed by a deeper demand zone formed by the 100- and 50-day EMAs at $0.024 and $0.022 respectively, and the horizontal level at $0.019.
