Enjin (ENJ) experienced a notable rally earlier this week, surging by 27.5% from $0.040 to $0.051. Despite this short-term gain, the cryptocurrency failed to break through the $0.0517 resistance level, indicating a potential swing failure pattern. The rally was characterized by heavy spot trading volume, yet it did not signify a bullish structural shift, as a move beyond the $0.0536 local high is necessary for such a change. Currently, ENJ shows a bullish reaction from the 61.8% retracement level at $0.0445. However, traders are advised to exercise caution, as the price could still retrace to $0.042 or lower. The recent price movement appears more like a liquidity sweep rather than a definitive structural shift, suggesting that a clearer breakout is needed before considering long positions.