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Enjin Coin (ENJ) posted one of the most explosive surges in the market over the past few hours. The native token of the gaming-oriented blockchain platform accumulated a 70% gain over the last 24 hours and held firmly above $0.035, supported by on-chain and derivatives data pointing to a bullish trend.
According to Santiment data, trading volume across the Enjin ecosystem climbed to $371 million on Thursday, the highest level since April 2025.
Derivatives data from CoinGlass showed that open interest in ENJ futures reached an all-time record of $74.68 million, up from $19.82 million recorded the previous Tuesday. The increase in open interest typically indicates the entry of fresh capital, which can precede continuation in price movement.
Despite the rally, doubt is beginning to surface among traders. CryptoQuant recorded an increase in retail activity, a factor that is often associated with shifts in market sentiment. At the same time, 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.
The four-hour chart for ENJ/USD reflects the magnitude of the move. The price reclaimed positions above the short- and medium-term exponential moving averages. The 200-day EMA at $0.035 is identified as the only immediate relevant resistance.
The Relative Strength Index (RSI) is at 70, indicating bullish bias territory. The MACD histogram is also pointing sharply upward, confirming positive momentum.
If ENJ manages to close a daily candle above the 200-day EMA, the next target is $0.051. Additional resistance zones are listed at $0.066 and $0.082.
In the opposite scenario, initial support is found at $0.031. A deeper demand zone is described around the 100- and 50-day EMAs at $0.024 and $0.022, followed by a horizontal level at $0.019.
