Enjin Coin/Tether Market Overview

Summary
• ENJUSDT closed at 0.03817 after a 24-hour range of 0.03739 to 0.03974.
• Price appears to consolidate near a 50-period MA, with mixed momentum on the 15-minute chart.
• Strong volume spikes occurred between 19:00–20:00 and 05:00–06:00, reflecting key turning points.

Market Overview

Enjin Coin/Tether (ENJUSDT) opened at 0.03865 on 2025-11-05 at 12:00 ET, reached a high of 0.03974, fell to a low of 0.03739, and closed at 0.03817 as of 12:00 ET on 2025-11-06. Total 24-hour volume was 24,395,789.5 and turnover amounted to approximately $955,375. Price action suggests a tug-of-war between buyers and sellers, particularly around key 15-minute candlestick formations and moving averages.

Structure & Formations

The price has tested a key support level at 0.0380–0.0385 multiple times over the past 24 hours. A potential bearish engulfing pattern formed around 20:00 as the candle opened at 0.03924 and closed at 0.0391, signaling short-term bearish momentum. On the flip side, a bullish reversal appears to form around 05:00 with a close near the high. A doji formed at 23:30, indicating indecision.

Moving Averages

The 20-period moving average on the 15-minute chart currently sits at 0.03875, while the 50-period MA is at 0.0385. On the daily chart, the 50-period MA is at 0.0383, the 100-period at 0.0384, and the 200-period at 0.0380. The price appears to hover near the 50-period MA, suggesting mixed short-term sentiment with a slight bearish tilt.

MACD & RSI

The MACD line has crossed below the signal line, signaling a bearish crossover on the 15-minute chart, while RSI stands at 54, suggesting moderate momentum. RSI has moved out of oversold territory but remains below overbought levels (30–70 range), indicating that the pair is consolidating after recent sharp moves.

Bollinger Bands

Volatility increased during the 19:00–20:30 window, as reflected by expanding Bollinger Bands. Price action is currently within the bands, closer to the lower band, suggesting that further downward drift is probable unless a strong bullish reversal emerges.

Volume & Turnover

Volume spiked to 696,252.3 at 19:30 and 463,356.6 at 22:30, aligning with significant price swings. However, the closing candle at 00:00–00:15 saw a relatively low volume of 40,021.1 despite a downward move, suggesting a divergence that may warrant closer attention.

Fibonacci Retracements

A key Fibonacci retracement level at 61.8% (0.0386) has been tested and rejected multiple times over the past 24 hours, especially around the 19:30 and 20:15 candles. A 38.2% retracement level at 0.0389 has shown resistance. On the daily chart, the 0.618 level at 0.0380 acts as a strong support.

Backtest Hypothesis

Given the MACD crossover below the signal line and the RSI in the middle of the 30–70 range, a MACD Death-Cross-based strategy may have triggered a short entry in the past 24 hours. For a backtest, using ENJUSDT as a test case, entering at the close of the crossover candle and exiting at the next day's close could provide insights into short-term momentum trading viability. This approach mirrors the suggested SPY strategy and could be adapted to volatile crypto pairs like ENJUSDT.