Important Highlights
ENJ has shown impressive performance in the cryptocurrency market, with a 45% increase in value over the past 24 hours.
This surge could potentially push ENJ towards the $0.045 mark in the immediate future.
Enjin Coin (ENJ) Continues its Upward Trend
Enjin Coin (ENJ) has sustained its growth, maintaining a value above $0.035 on Thursday after experiencing a notable 45% price surge in the last day.
This positive momentum is supported by both on-chain data and derivatives analysis, with technical indicators pointing towards a continued upward trajectory for ENJ.
Information from Santiment reveals that the trading volume within Enjin Coin’s ecosystem spiked to $216.97 million on Thursday, marking the highest volume since April 2025.
Additionally, data from CoinGlass indicates that ENJ’s futures Open Interest (OI) reached a record high of $74.68 million on Thursday, a significant increase from $19.82 million just two days prior. The rising OI suggests new capital flowing into the market, potentially driving the coin’s price even higher.
Despite the ongoing rally, traders are exercising caution as signs of buyer fatigue are starting to emerge. CryptoQuant’s data shows a rise in retail activity, hinting at a shift in market sentiment.
Moreover, the dominance of sell-side activity in both spot and futures markets could indicate impending bearish pressure, suggesting that the current uptrend may encounter resistance in the near future.
ENJ Poised for Further Growth Following 45% Surge
The ENJ/USD 4-hour chart displays a bullish trend following the 45% increase. This surge has pushed ENJ’s price above short- and medium-term Exponential Moving Averages (EMA), with only the 200-day EMA at $0.035 serving as immediate overhead resistance.
With the Relative Strength Index (RSI) on the 4-hour chart at 70, indicating a bullish bias, and the Moving Average Convergence Divergence (MACD) histogram showing strong positive momentum, the outlook for ENJ remains positive.
If the current rally continues, initial resistance is anticipated at the 200-day EMA level of $0.035. A daily close above this level could propel ENJ towards the $0.051 resistance, followed by levels at $0.066 and $0.082.
However, if bearish sentiment takes hold, ENJ could find support at the $0.031 level. The 100-day EMA at $0.024, the 50-day EMA at $0.022, and the $0.019 support zone collectively form a strong demand area that could act as support in the short term.
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