Market Overview for Enjin Coin/Tether (ENJUSDT) on 2025-10-03

• ENJUSDT traded in a tight range, with a closing price near the high of the 24-hour window.
• A bullish flag pattern formed after a sharp intraday rally in the first half of the session.
• Volatility expanded in the early hours, but has since contracted, indicating potential consolidation.
• RSI hovered near neutral levels, suggesting no immediate overbought or oversold conditions.
• Turnover remained steady, with no major price-turnover divergences observed in the dataset.

Enjin Coin/Tether (ENJUSDT) opened at $0.0642 on 2025-10-02 12:00 ET and reached a high of $0.0661 before consolidating. The 24-hour low was $0.0635, with the price closing at $0.0642 at 12:00 ET on 2025-10-03. Total traded volume amounted to 10,455,223.9 ENJ, with notional turnover reaching approximately $682,306. The pair displayed a moderate bullish bias in the early hours but has since moved into a consolidation phase.

Under the 15-minute timeframe, ENJUSDT showed a notable bullish flag pattern during a consolidation phase following an early morning upward thrust. Key support levels were identified near $0.0642 and $0.0639, while resistance appeared at $0.0647 and $0.0651. A bullish engulfing pattern was observed at $0.0646–$0.0648, suggesting potential for further upside. However, a long lower shadow candle at $0.0647–$0.0643 hinted at internal bearish pressure.

The 20-period and 50-period moving averages on the 15-minute chart crossed near $0.0646, indicating a neutral-to-bullish shift. MACD showed a slight positive divergence, aligning with the early morning rally, while RSI hovered around the 50 level for much of the day, signaling balanced momentum. Bollinger Bands expanded during the early hours of the session before contracting, suggesting a possible reduction in volatility and a potential setup for a breakout.

Volume and turnover showed a moderate increase during the early morning rally, with the largest notional turnover occurring at 15:30–15:45 ET ($0.0647–$0.0651), coinciding with a sharp 0.5% rally. The price and turnover aligned well, confirming the upward move. However, no significant divergences were observed during the consolidation phase.

Fibonacci retracement levels drawn from the 0.0635–0.0661 swing showed the 61.8% level at $0.0651 as a key resistance. The 38.2% level at $0.0649 was tested multiple times but failed to hold. Daily chart indicators showed the 50-period moving average at $0.0646, slightly above the 100-period line at $0.0643, indicating a potential bullish bias. No 200-period crossover was observed, maintaining a neutral stance.

Backtest Hypothesis

The provided backtest strategy involves identifying bullish flag patterns followed by a confirmation candle breaking above the upper boundary of the pattern. The strategy also emphasizes volume confirmation, requiring a 15-minute candle with a volume spike and a close above the consolidation range.

Applying this to today’s ENJUSDT data, the bullish flag between $0.0647 and $0.0651 would have served as a potential entry setup, with the breakout occurring at 15:30–15:45 ET. The volume during this breakout was 660,242.8 ENJ, or approximately $43,576, a 38.5% increase from the average volume of the previous 45 minutes. The breakout candle closed at $0.0650, forming a valid trigger for a long signal.

A stop-loss could be placed below $0.0647, aligning with the lower boundary of the flag. The target would be set at the 61.8% Fibonacci retracement level at $0.0651, or potentially the upper Bollinger Band if volatility increases. Given the moderate volume confirmation and the alignment with key indicators, this setup could have produced a favorable risk-reward ratio of approximately 1.5:1.