Enjin Coin Market Overview

• ENJ/USDT dropped 5.2% in 24 hours, breaking below key support at 0.0713 with a long bearish shadow.
• A high-volume bearish reversal spike at 0.0732 preceded the breakdown, suggesting momentum exhaustion.
• Volatility expanded 45% from 0.068–0.075 to 0.068–0.0753 as sellers took control late in the session.
• RSI crossed into oversold territory (<30), but price action shows no immediate buying interest.

Market Overview

Enjin Coin (ENJUSDT) opened at 0.0718 on 2025-08-24 12:00 ET, reached a high of 0.0753, a low of 0.0677, and closed at 0.0688 by 2025-08-25 12:00 ET. Total volume over 24 hours was 25.6 million ENJ, with a notional turnover of $1.74 million. A sharp breakdown from 0.0732–0.075 was confirmed by a large bearish candle and diverging volume, signaling potential continuation.

Structure & Formations

A bearish engulfing pattern formed at 0.0732–0.073 on the 15-minute chart, followed by a doji at 0.072–0.0723 indicating indecision. Key support levels at 0.0713 and 0.0703 held during the breakdown, but a further decline below 0.069 could test 0.068–0.0677. Resistance retests at 0.0715–0.072 appear unlikely for the near term.

Moving Averages

On the 15-minute chart, price closed below both the 20-period (0.0723) and 50-period (0.0727) moving averages, confirming bearish momentum. On the daily chart, the 50-period MA (0.0717) now acts as a potential support, while the 200-period MA (0.0705) suggests a potential floor for further consolidation.

MACD & RSI

The MACD line crossed below the signal line at 0.0004, with a bearish divergence forming as price peaked at 0.075 while momentum declined. RSI has fallen to 29, indicating oversold conditions, but without a follow-through rally, a rebound may lack conviction.

Bollinger Bands

Volatility expanded significantly as price moved from the lower band to the upper band between 0.068 and 0.0753. The breakdown candle closed near the lower band at 0.0713, suggesting a short-term continuation lower could be possible.

Volume & Turnover

Volume surged to 6.85 million ENJ at 0.0732–0.075, confirming the breakdown. Turnover at the peak of the breakdown was $505,000, compared to $195,000 at the 0.069–0.0683 range. A divergence in volume and price is visible as price has fallen to 0.0688 on decreasing volume, suggesting potential exhaustion.

Fibonacci Retracements

The 0.0732–0.0677 swing places key Fibonacci levels at 0.0715 (38.2%) and 0.0698 (61.8%). Price is currently near 0.0688, below the 61.8% level, suggesting a potential target of 0.0677–0.067 if sellers continue to dominate.

The 24-hour breakdown below key support suggests a possible extension toward 0.0675–0.067, but a short-term bounce from 0.068–0.070 could test the 50-period MA for possible re-entry. Investors should remain cautious of increased volatility and divergence in volume signals.