Enjin Coin Market Overview: Sharp Daily Decline Confirms Short-Term Weakness

• ENJUSDT closed below its 12:00 ET open after a volatile 7.5% decline, confirming bearish momentum.
• A sharp break below 0.0735 support triggered a pullback to 0.0715, raising 61.8% Fibonacci concerns.
• On-balance volume spiked above $2.7M during the drop, suggesting significant institutional selling.
• RSI remains oversold near 29, but divergence between price and momentum raises consolidation risk.
• Bollinger Band contraction before 04:00 ET signaled a potential breakout—confirmed to the downside.

Enjin Coin (ENJUSDT) opened at $0.0738 on 2025-08-10 at 12:00 ET and fell to a low of $0.0713, closing at $0.0724 at 12:00 ET. The 24-hour period saw a total volume of 33,875,831.0 ENJ and a notional turnover of $2,411,584. The price action reflects a breakdown from key resistance and accumulation at the lower Bollinger Band.

Structure & Formations

A bearish engulfing pattern emerged around 08:30–09:00 ET as ENJUSDT closed below its prior candle’s body near 0.0742. This confirmed a shift in sentiment, followed by a breakdown below the 0.0735 support into the 0.0725–0.0715 range. A 61.8% Fibonacci retracement level at 0.0717 aligns with the 0.0715–0.0721 range where price appears to have found short-term support. The 0.0738 level remains a critical resistance; any retest of it will need to close above 0.0744 for a reversal to be confirmed.

Moving Averages

On the 15-minute chart, the 20- and 50-period moving averages crossed below price in the 08:00–09:30 ET window, forming a bearish “death cross.” For daily analysis, the 50-period MA sits above the 200-period MA, reinforcing a medium-term bearish bias.

MACD & RSI

The MACD line turned negative before the major breakdown and remained bearish, with the histogram expanding during the 0.0742–0.0715 drop. RSI dived below 30, entering oversold territory, but failed to show a rebound, signaling a lack of immediate buying pressure. A divergence between RSI and price—where RSI rose slightly while price continued lower—suggests a potential short-term reversal may be due, but only if volume confirms it.

Bollinger Bands

Price tested the lower Bollinger Band during the morning hours of 2025-08-11, reaching 0.0713 before rebounding. The volatility index (ATR) increased from 0.00015 to 0.00035 during the breakdown phase, indicating heightened volatility. The squeeze earlier in the 24-hour window from 04:00–07:00 ET resolved with a sharp bearish breakout.

Volume & Turnover

Volume spiked during the 08:30–09:00 ET window and again from 13:00–14:00 ET, coinciding with sharp price declines. Notional turnover rose above $175,000 during the 08:30–09:00 ET session, suggesting a shift in control to sellers. A volume divergence occurred between the 11:00–12:00 ET and 13:00–14:00 ET windows—price fell further while volume declined—raising potential consolidation concerns.

ENJUSDT may continue to test the 0.0715–0.0721 range in the next 24 hours, with the 0.0725 level offering short-term support. A break above 0.0744 could rekindle bullish sentiment, but with RSI in oversold and volume waning, a consolidation phase into 0.0735–0.0738 appears more likely. Investors should remain cautious of further volatility and possible short-covering moves.