Enjin rallies 27.5% but risks deeper retracement without clear breakout

Enjin (ENJ) experienced a strong short-term rally of 27.5% from $0.040 to $0.051 in mid-May, following a previous 450% surge in April that set a bullish outlook. However, the recent price action failed to break key resistance levels decisively, suggesting the rally might be a liquidity sweep rather than a sustained upward move. Traders should be cautious as ENJ could retrace further to around $0.042 or below $0.04 before a clearer breakout occurs. The outlook remains uncertain until ENJ surpasses the $0.0536 local high with strong volume.