Is ENJ about to extend the recent breakout? | Credit: Veronica Cestari
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Key Takeaways
Enjin Coin’s price has surged by over 70% in a week, driven by rising volume and network growth.
Indicators show improving sentiment, though rapid gains increase the risk of short-term volatility.
Data shows that ENJ needs to hold above $0.030 before the altcoin can continue extending its gains.
ENJ, native to blockchain gaming project Enjin Coin, has seen its price skyrocket to the highest level in nearly three months.
This development occurred after ENJ’s price jumped 77% over the past seven days. At the time of writing, the altcoin trades near $0.033.
However, the price is not the only metric experiencing a massive increase. In this analysis, CCN reveals how the breakout happened and what could be next for Enjin Coin.
According to Santiment data, Enjin Coin’s trading volume has hit $229 million. For context, the last time this happened was in April 2025.
During that period, the altcoin’s price was $0.070. While the market value is lower than that period, it appears that the cryptocurrency might experience a higher value in the short term.
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Besides that, the Market Value to Realized Value (MVRV) ratio has recently spiked after a prolonged downtrend.
This indicates that holders are moving back into profit after months of unrealized losses. Typically, this kind of move signals improving market sentiment and rising demand.
At the same time, ENJ’s price is trending upward, confirming the shift. The alignment between rising MVRV and price suggests that the rally is being supported by improving holder positioning, not just short-term speculation.
However, the spike also introduces caution. Rapid increases in MVRV often mean that unrealized profits are building quickly.
This can lead to short-term selling pressure as some holders take profits.
Looking back, similar spikes have often been followed by brief pullbacks or consolidations before continuation. Therefore, while the current Enjin Coin rally could still extend, it might not do so without extreme volatility.
Surge Driven by Demand, Not Hype
Meanwhile, network growth has surged sharply, marking one of the strongest spikes in recent times, with ENJ’s price climbing beyond $0.030.
This alignment is important. Rising network growth alongside price typically signals real demand.
Earlier in the trend, the Enjin Coin price was declining while network activity remained relatively flat. That suggested weak participation. However, the latest spike changes that narrative.
It indicates new users or increased transaction activity are entering the network, often a leading signal for sustained momentum.
This also supports the earlier MVRV breakout. While MVRV showed holders moving into profit, network growth now confirms that fresh demand is entering the market.
However, the sharp spike also introduces short-term risk. Sudden increases in network activity are often followed by normalization.
If activity drops quickly, the price could lose momentum and enter a consolidation phase.
ENJ Network Growth and Market Sentiment | Credit: Santiment
Looking ahead, if network growth remains elevated and the current positive weighted sentiment persists, ENJ could continue higher toward the $0.040 range.
Price also bounced from the $0.020 support level, which served as a strong accumulation zone. This breakout suggests the downtrend has likely ended, at least in the short- to medium-term.
Furthermore, the current rally has pushed the price toward $0.033, approaching the 0.236 Fibonacci level near $0.036.
This is the first key resistance to watch. Momentum indicators confirm the strength of the move.
For instance, the Relative Strength Index (RSI) has surged above 80, signaling strong buying pressure, although it also suggests the asset is becoming overbought in the short term.
Meanwhile, the Awesome Oscillator (AO) has flipped positive, supporting the bullish momentum.
However, the sharp vertical move also increases the likelihood of a short-term pullback. Breakouts of this nature are often followed by consolidation before continuation.
Looking ahead, if ENJ’s price holds above the $0.030 zone, the bullish structure remains intact. In that case, continuation toward $0.036 and $0.048 is likely.
ENJ/USD Daily Chart | Credit: TradingView
On the downside, a drop back below $0.028 would weaken momentum and could lead to a retest of $0.025. This will be the case if selling pressure comes into play.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
