Key takeaways
- ENJ is one of the best performers in the cryptocurrency market, rising by 45% in the past 24 hours.
- The rise could allow ENJ to rise towards $0.045 in the near term.
Enjin Coin (ENJ) continues to rise
Enjin Coin (ENJ) continues its gains, settling above $0.035 on Thursday after a notable 45% price increase over the past 24 hours.
This bullish momentum is supported by on-chain and derivatives data, with a positive technical outlook indicating that ENJ may continue its upward trend in the near future.
Data obtained from Santiment shows that the trading volume of the Enjin Coin ecosystem rose to $216.97 million on Thursday, representing the highest trading volume since April 2025.
Meanwhile, Coinglass data It shows that ENJ open interest (OI) futures reached a new record high of $74.68 million on Thursday, up significantly from $19.82 million on Tuesday. A high OI indicates new capital entering the market, which may push the price of the coin higher.
Despite the rally, traders remain cautious with some early signs of buyer fatigue emerging. According to CryptoQuant, there is a rise in retail activity, indicating a shift in market sentiment.
Furthermore, sell-side dominance in both the spot and futures markets may indicate potential downward pressure, suggesting that the current rally may face resistance in the near term.
ENJ eyes further gains after 45% surge
The 4-hour chart of ENJ/USD is bullish and active thanks to the 45% rise. The rise took the price of ENJ back above the short- and medium-term Exponential Moving Averages (EMA), leaving only the 200-day EMA at $0.035 as immediate overhead resistance.
The Relative Strength Index (RSI) on the 4-hour chart is reading 70, indicating a bullish bias. The Moving Average Convergence Divergence (MACD) histogram turning strongly positive reinforces the growing bullish momentum.
If the rally continues, initial resistance will appear at the 200-day moving average at $0.035. If the daily candle closes above this level, it could extend its rise towards the $0.051 resistance level, followed by the $0.066 and $0.082 areas.
However, if the bears regain control, ENJ is likely to face initial support at $0.031. The 100-day moving average at $0.024 and the 50-day moving average at $0.022, along with the lower horizontal level at $0.019, form a deeper demand zone that could also hold a bounce to near-term support levels.
