Engine surged 45% as volume and open interest hit multi-month highs.
Key receivers
ENJ is one of the best performers in the crypto market, rising 45% in the last 24 hours.
The rally may allow ENJ to move higher towards $0.045 in the near term.
Engine Coin (ENJ) continues to rally.
Enjin Coin (ENJ) extended its gains by holding above $0.035 on Thursday following a stunning 45% price increase in the last 24 hours.
This bullish momentum is supported by chain and volatility data, with a positive technical outlook suggesting that ENJ may continue its upward trend in the near term.
According to data from Sentiment, the EngCoin ecosystem's trading volume rose to $216.97 million on Thursday, marking the highest trading volume since April 2025.
Meanwhile, CoinGlass data ENJ futures open interest (OI) hit a new record high of $74.68 million last Thursday, up significantly from $19.82 million on Tuesday. A rising OI indicates that fresh capital has entered the market, which can push the coin's price higher.
Despite the rally, traders are cautious as some early signs of buyer fatigue begin to emerge. According to CryptoQuant, there is an increase in retail activity, suggesting a shift in market sentiment.
In addition, the dominance of the sell side in both the spot and futures markets may indicate capacity pressure, indicating that the current rally may face resistance in the near future.
ENJ's eyes will gain more after 45% increase
The 4-hour chart of JPY/USD is bullish and bullish with a 45% rally. The rally lifted ENJ price above its short- and medium-term exponential moving averages (EMA), leaving the 200-day EMA at $0.035 as immediate resistance.
The Relative Strength Index (RSI) reads 70 on the 4-hour chart, indicating a bullish bias. The moving average converging divergence (MACD) histogram reinforces the upward trend with a strong positive turn.
If the rally continues, initial resistance will be seen at the 200-day EMA at $0.035. If the daily candle closes above this level, it may extend the rally to the $0.051 resistance level, then the $0.066 and $0.082 zones.
However, if the bears regain control, ENJ will likely encounter the initial support at $0.031. The 100-day EMA at $0.024 and the 50-day EMA at $0.022, along with the lower horizontal level at $0.019, form a zone of deep interest, indicating rising support levels in the near term.
