ENJ (ENJ) sees 79.5% volatility in 24 hours: Trading volume surges 273% in resonance with short squeeze

Volatility Overview

ENJ rebounded from a 24-hour low of $0.052 to a high of $0.09335, currently trading at $0.09262, with a price swing of 79.5%. Trading volume surged to $489 million, up 273% from the previous period, accompanied by an expansion in futures open interest.

Brief Analysis of the Reasons for the Movement

- Spot and futures trading volumes skyrocketed: 24-hour spot trading volume reached $278-296 million (+327.8%), futures trading volume was $156 million, and open interest stood at $44.27 million, driving the price to spike rapidly.

- Short squeeze effect: Bullish posts pointed out that short positions were forcibly liquidated in the short term, combined with the expansion of market depth, forming positive feedback.

- Revival of on-chain gaming activity: Blockchain gaming reached an 18-month high. Although there were no major whale transfers or official announcements, overall adoption momentum underpinned the rebound.

Market Views and Outlook

The mainstream sentiment in the community is bullish, regarding this movement as a continuation of the Sentosa upgrade and cross-chain bridge integration, predicting growth potential in Q4. However, there are warnings about overbought RSI (which reached 89.58) and negative funding rates (-0.9368%) that could trigger a pullback; analysts suggest watching resistance at $0.04 and support at $0.027.