ENJ sees 40.5% volatility in 24 hours: Short squeeze drives price up to $0.085 before rapid pullback

Volatility Brief

ENJ's price surged from a low of $0.06076 to a high of $0.08534 within the past 24 hours before retreating to the current $0.06076, with a 40.5% amplitude. Trading volume exploded to over $339 million, with open interest (OI) soaring 48%-93%, and 24-hour liquidation amounts reaching approximately $5.89 million.

Brief Analysis of Unusual Movements

- Short Squeeze Dominates: Negative funding rates (-0.01% to -0.035%) triggered short liquidations totaling over $5 million, pushing the price rapidly up from near $0.046.

- Surge in Trading Volume and Open Interest: 24-hour spot/contract transaction volume peaked at $167 million, with about $77.6 million in USDT inflows, indicating a rush of capital.

- Rotation in Game NFT Sector: On-chain data shows a revival in game NFTs, combined with cross-chain upgrades (such as Hyperbridge), attracting a rotation of capital.

Market Perspectives and Outlook

The prevailing sentiment in the community is optimistic, viewing the short squeeze as a signal for further gains. If the $0.068 support holds, targets are set at $0.085-$0.095. However, an RSI above 80-95 signals an overheated market, increasing the risk of a pullback. Analysts warn that if the $0.064 level is breached, a deeper correction to $0.056 may occur.