Enjin Coin/Tether (ENJUSDT) Market Overview

• Price action showed a bearish shift after a mid-day breakout attempt
• Volatility increased with a 5.6% range between high and low
• On-balance volume skewed bearish with ~1.9x volume in downward candles
• RSI signaled overbought conditions earlier, now trending downward
• Bollinger Bands expanded, indicating higher short-term uncertainty

Enjin Coin/Tether (ENJUSDT) opened at $0.0633 and traded between $0.0601 and $0.0641 before closing at $0.0629 as of 12:00 ET on 2025-10-07. Total volume reached ~8.77 million ENJ, with notional turnover at ~$558,850. The pair displayed mixed directional signals with sharp consolidation and bearish divergence in the latter half of the day.

Structure & Formations

Price formed a bearish engulfing pattern near $0.0640 in midday trading, followed by a deep retest to $0.0621 late in the session, forming a potential 61.8% Fibonacci retracement level. Resistance appears to be consolidating around $0.0640–$0.0642, with support now likely testing $0.0621–$0.0624. A doji at $0.0635 suggested indecision, while a bearish flag pattern emerged during the post-18:00 ET sell-off.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA late in the session, forming a death cross, while the 50-period MA is currently bearish against the 100-period MA on the daily chart. The 200-period MA appears to be acting as a long-term support level at ~$0.0630, but price is currently below that threshold, suggesting a weak short-term trend.

MACD & RSI

MACD showed bearish momentum with a negative crossover and declining histogram. RSI initially spiked to overbought territory (~68) before a sharp correction to the mid-40s, indicating weakening bullish momentum. A RSI divergence formed late in the session as price made lower highs while RSI failed to confirm bearish strength, suggesting possible exhaustion in the downward move.

Bollinger Bands

Volatility expanded significantly after 14:00 ET, with price breaching both the upper and lower bands multiple times. Price closed near the midline of the bands but remains within the outer 2σ boundaries, indicating continued high volatility. A contraction in band width is expected if price consolidates around $0.0625 in the next 24 hours.

Volume & Turnover

Volume spiked during the early morning sell-off, peaking at ~827,000 ENJ at 14:45 ET, with turnover aligning at ~$51,000. A divergence emerged as price made a new low at $0.0621 while volume failed to confirm the bearish move, suggesting potential short-term reversal risk.

Fibonacci Retracements

On a 15-minute chart, a key 61.8% retracement level at $0.0630–$0.0631 is forming as support after the $0.0641 high. A 38.2% retracement at $0.0634 may act as a potential near-term resistance. On the daily chart, $0.0635 is a key Fibonacci level to watch for possible bullish retests.

Backtest Hypothesis

A backtesting strategy could consider entering short positions on a bearish engulfing pattern confirmation near $0.0640, with a stop-loss above $0.0643 and a target at $0.0621–$0.0624. A long entry might be considered if price breaks above $0.0635 with RSI above 50 and volume confirmation. This strategy would align with the observed Fibonacci levels and bearish momentum indicators discussed.