Market Overview for Enso/USDC on 2025-11-07

• Enso/USDC traded in a volatile range between $1.006 and $1.107 over 24 hours.
• Momentum dipped after a short-term overbought RSI and MACD bearish crossover.
• Volume spiked during key reversals, indicating active participation in directional shifts.
• Price retreated to a key 24-hour support near $1.05–$1.06 as of 12:00 ET.
• High volatility and multiple pattern confirmations suggest potential for further directional bias.

Enso/USDC (ENSOUSDC) opened at $1.011 (12:00 ET – 1) and traded as high as $1.107 before settling at $1.069 at 12:00 ET. The pair saw a 24-hour high of $1.107, a low of $1.006, and total volume of 107,839.01 contracts, with a notional turnover of $113,847.79.

Price action over the last 24 hours displayed multiple directional pivots, with strong buying pressure evident during the 22:45–04:00 ET window. A key bearish divergence emerged in the MACD indicator following a bullish crossover on November 6, as the RSI pushed into overbought territory. This triggered a sell-off that saw prices drop nearly 6% into the early hours of November 7.

Looking at support and resistance levels, price found a temporary floor near $1.05–$1.06, aligning with a 38.2% Fibonacci retracement of the earlier rally. The 20-period EMA on the 15-minute chart is currently below the 50-period EMA, suggesting bearish momentum. On the daily chart, the 50-period SMA remains above the 200-period SMA, indicating a potential long-term bullish bias, though near-term bearish pressures are pronounced. Bollinger Bands have widened significantly, reflecting high volatility, with prices currently below the midline.

A notable 15-minute bearish engulfing pattern formed near $1.084–$1.090, confirming a short-term reversal. This was followed by a key candle on November 7 at 08:45 ET, where the pair surged to $1.107 in high-volume conditions, forming a potential top.

Backtest Hypothesis

The attempted event-based backtest for the MACD "death-cross + RSI overbought" pattern on ENSOUSDC revealed a tool-layer error, likely due to missing or zero price data during the event window. To proceed, a two-pronged recovery strategy is recommended:

1. Event List Cleanup: By filtering out events with zero or missing close prices, the backtest engine can be re-run, potentially yielding post-event drift statistics and optimal holding durations.
2. Strategy-Based Backtest: Convert the pattern into a trading rule—enter on the event close, exit after 7 days or when RSI falls below 50. This approach sidesteps missing data issues and offers a clearer return profile.

Given the recent price behavior and confirmation of overbought conditions, a strategy-based backtest may offer faster insights. If you choose to refine the rules or adjust the exit criteria, I can incorporate those changes before running the strategy backtest.