Brief description of volatility

Over the past 24 hours, the price of ENJ has sharply increased from a minimum of $0.02983 to a maximum of $0.05356, with an amplitude of 79.6%, and is currently retreating to $0.03827. Trading volume has increased to approximately $250–277 million, significantly above the usual level, indicating high capital activity.

Brief analysis of the cause of abnormal movement
- Short squeeze dominates: open interest (OI) increased by 214%, funding turned negative (-0.9368%), which caused widespread short liquidations and pushed the price up from $0.02849 by 40.4%–61%.

- Surge in trading activity and network activity: over 24 hours, trading volume skyrocketed 21 times, network activity indicators sharply increased, and there was a rotation of margin loans totaling $2.2 million.

- Rotation in the gaming/NFT sector: as an infrastructure token for gaming NFTs, ENJ benefited from the short-term trend in this sector.

Market opinions and prospects
Market sentiment has shifted from enthusiasm to caution, with community discussions focused on the risks of profit-taking after the short squeeze. The 1-hour RSI reached 89.58, indicating overbought conditions. Analysts warn against chasing the rally, expecting a short-term correction to the support zone of $0.021–$0.03, with further potential for rebound; if the level of $0.01993 is lost, the trend will turn bearish. The main view is that this is short-term speculation driven by derivatives, not a fundamental recovery.