Market Overview: Enjin Coin/Tether USDt (ENJUSDT) – 24-Hour Analysis

• ENJ/USDT rallied 5.4% in 24 hours, closing above 0.0700 amid rising volume and strong bullish momentum.
• A key support at 0.0690 was tested multiple times, but buying pressure kept price above it.
• RSI moved into overbought territory, suggesting caution ahead of a potential short-term correction.
• Volatility expanded as price broke above a 0.0686–0.0692 consolidation range.
• Volume surged to over 970k in the final candle, indicating strong interest but with divergences to watch.

At 12:00 ET on 2025-09-10, Enjin Coin/Tether USDt (ENJUSDT) opened at 0.0686, surged to a high of 0.0714, and closed at 0.0709 after a volatile 24-hour session. Total volume traded across the 96 15-minute candles reached 12,179,123.9, with a notional turnover of $862,227.27, reflecting heightened activity during the rally.

Structure & Formations

ENJUSDT displayed a clear breakout from a tight consolidation pattern between 0.0686 and 0.0692. A bullish engulfing pattern formed around 0.0695–0.0692 at 21:15 ET, followed by a higher high at 0.0705 by 06:00 ET. Key resistances are forming at 0.0705 and 0.0714, with the 0.0690 level acting as a robust support. A doji formed at 05:30 ET near 0.0699, suggesting a temporary pause in momentum.

Moving Averages

Short-term momentum is bullish with the 20-period (15-min) MA at 0.0692, rising above the 50-period MA at 0.0690, forming a golden cross. On the daily chart, the 50-period MA is above the 200-period MA, indicating a longer-term uptrend. The 100-period MA at 0.0689 is currently acting as a dynamic support.

MACD & RSI

The MACD crossed above zero during the morning hours, confirming bullish momentum. RSI peaked at 69 during the session, approaching overbought territory but not yet reaching 70. This suggests that while the move is strong, a pullback could be imminent. Divergence between price and RSI was observed in the final hours, indicating potential exhaustion.

Bollinger Bands

Volatility expanded significantly as price moved from the lower band to near the upper band. A breakout above the upper band at 0.0714 occurred at 13:15 ET, signaling a breakout confirmation. With the bands widening, traders may expect further price extension or consolidation before the next move.

Volume & Turnover

Volume spiked dramatically during the breakout phase, especially between 04:45 ET and 06:00 ET, with a 970k volume candle at 12:45 ET indicating strong buying interest. Notional turnover moved in line with volume, with no major divergence observed. However, a volume contraction occurred after 11:00 ET, suggesting short-term uncertainty.

Fibonacci Retracements

On the 15-minute chart, the recent swing from 0.0682 to 0.0714 saw the 0.0696 and 0.0702 levels acting as key retracements. The 61.8% retracement level is at 0.0705, which may offer resistance. On the daily chart, the 38.2% and 61.8% levels are near 0.0703 and 0.0715, respectively, aligning with observed price behavior.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions when the 20-period MA crosses above the 50-period MA (golden cross) and RSI is above 50 but below 70, indicating strong but not overbought conditions. A stop loss could be placed below the nearest Fibonacci retracement level (e.g., 0.0696), while a take profit could be set near the 61.8% level (0.0705). This approach aligns with the observed breakout and could be tested using historical 15-minute data over multiple cycles.