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- Enjin Coin price expectations: ENJ’s price continues to rise after a 90% jump, amid rising risks of an excessive price increase
Enjin Coin’s price rose on Tuesday after gaining more than 90% in the previous week.
The rise in open interest, along with an increase in trading volume, points to growing interest among traders.
Market participants should exercise caution, as excessive price increases and the dominance of the sell side may limit further upside.
Enjin Coin’s price (ENJ) continued to climb, trading above $0.045 on Tuesday after gaining more than 90% over the past week. The rise in open interest (OI) and the sharp increase in trading volume indicate continued demand, but traders should be cautious, as signs of overheating and rising sell-side activity suggest this rally may face resistance in the near term.
- The sharp rise in open interest and trading volume indicates a bullish trend.
CoinGlass data shows that open interest in Enjin Coin futures on exchanges surged to $72.69 million on Tuesday, compared with $19.64 million on April 7, reaching its highest level since mid-April 2023. The increase in open interest suggests new or additional funds entering the market and new buying activity, which could help sustain ENJ’s price rise.
Open interest chart for ENJ. Source: Coinglass
Santiment data shows that trading volume in the Enjin Coin ecosystem (the total trading volume generated by all trading applications on the chain) reached $321.41 million on Tuesday, the highest trading volume since April 2025. This volume surge indicates a significant increase in trader interest and ENJ liquidity, reinforcing its positive outlook.
Enjin Coin trading volume chart. Source: Santiment
- Some warning signs
Despite the positive outlook, market participants should exercise caution, as signs of buyer exhaustion have appeared. Brief CryptoQuant data suggests that spot and futures market data point to increased retail activity, excessive price increases, and selling dominance, which supports negative outlooks for ENJ.
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