Enso/USDC Market Overview for 2025-11-08

• Price action sees a 2.37% dip over 24 hours amid moderate volatility.
• Volume surged in early morning ET, but price drifted lower, hinting at weak conviction.
• A bearish engulfing pattern formed at 1.160, suggesting near-term resistance.
• RSI remains neutral, but divergence between price and turnover raises caution.

Enso/USDC (ENSOUSDC) opened at 1.114 on 2025-11-07 at 12:00 ET, touched a high of 1.167, and hit a low of 1.102 before closing at 1.115 on 2025-11-08 at 12:00 ET. The 24-hour volume totaled 118,646.83, with a notional turnover of approximately $132,750 (based on average price).

Over the past 24 hours, ENSOUSDC has seen a modest bearish drift following a failed breakout attempt above 1.160. A notable bearish engulfing candle formed between 21:45 and 22:00 ET on 2025-11-07, suggesting a shift in momentum. Key support levels appear at 1.135 and 1.115, with resistance forming at 1.160 and 1.172. The 20-period EMA currently sits at 1.138, indicating short-term bearish bias, while the 50-period EMA remains at 1.143. Price has spent much of the session below both, reinforcing the bearish bias.

Bollinger Bands show a modest expansion after a brief contraction, with price recently touching the lower band, suggesting potential oversold conditions. A 61.8% Fibonacci retracement of the 1.102–1.167 swing is currently at 1.131, aligning with the lower Bollinger band and forming a key support zone. MACD lines crossed below the signal line in early morning ET, indicating a bearish crossover. RSI, while currently at 46, lacks clear overbought or oversold readings, but recent divergence between rising volume and falling price suggests weakening momentum.

The market may continue to test support at 1.135–1.115 over the next 24 hours. A break below 1.110 could target 1.100, but volatility remains moderate. Caution is warranted if volume fails to expand on any new moves lower.

Backtest Hypothesis

Given the inability to fetch RSI data for ENSOUSDC, an alternative approach is necessary for backtesting. The ENS/USDT or ENS/USD pair may serve as viable substitutes, with sufficient data availability on major exchanges. A backtest using a 14-period RSI with standard overbought (70) and oversold (30) thresholds could be executed on this pair, running from 2022-01-01 to 2025-11-08. This would allow for a historical assessment of buy-oversold and sell-overbought signals, providing insights into potential performance and risk characteristics. If ENSOUSDC is critical to the analysis, a more exchange-specific symbol may be tested based on primary market activity (e.g., Binance or Coinbase).