Enjin Coin/Tether (ENJUSDT) Market Overview

• ENJUSDT traded in a tight range with a 0.9% range between 0.072–0.0736.
• A bearish momentum build-up was noted in RSI, nearing overbought territory before a retrace.
• Volume spiked during the overnight session, confirming a key breakdown attempt below 0.0725.
• A 15-minute doji at 0.0726 hinted at short-term indecision.
• Bollinger Bands constricted during midday, signaling potential for a directional move.

Opening Narrative

Enjin Coin/Tether (ENJUSDT) opened at 0.0731 on 2025-09-13 at 12:00 ET, reached a high of 0.0739, and closed at 0.0716 on 2025-09-14 at 12:00 ET, with a low of 0.0713. The 24-hour volume amounted to 9,983,027.7, and total turnover was approximately $714,625 (calculated as volume × close price at 0.0716).

Structure & Formations

Key support levels emerged around 0.0725 and 0.0718, where multiple candles tested and bounced back or consolidated. A bearish engulfing pattern formed near 0.0725 overnight, while a morning doji at 0.0726 indicated indecision. The 0.0735–0.0736 range acted as a strong resistance, where price stalled and reversed multiple times.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period line in the early morning, suggesting a short-term bullish bias before a sharp decline. By midday, the 50-period MA was above 0.0732, but the price had dropped below both, indicating bearish momentum. On daily charts, the 50-period MA sits at 0.0728, slightly above the 200-period MA at 0.0726, suggesting a neutral to slightly bullish bias over the long-term.

MACD & RSI

The MACD crossed into negative territory during the overnight session, with the histogram showing bearish divergence. RSI hit 64 before retreating to 52, signaling a potential overbought correction. Momentum is now neutral, with RSI hovering in the mid-range, but bears have shown strength in volume and price action.

Bollinger Bands

Bollinger Bands contracted sharply during the midday hours (04:00–06:00 ET), suggesting low volatility and potential breakout conditions. By late morning (08:00–10:00 ET), volatility increased again as price moved lower, staying below the lower band for several hours. This indicates a bearish expansion in volatility and a likely continuation of the downward trend.

Volume & Turnover

Volume spiked overnight, reaching over 367,720 units at 20:15 ET, and again in the early morning as the price tested key support at 0.0718. Turnover was particularly high during these sessions, confirming price movements. A divergence appeared in the late morning where volume dropped but price continued to fall, indicating a possible exhaustion of the bearish trend.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from 0.0739 to 0.0713, the 38.2% level at 0.0730 and the 61.8% level at 0.0721 became key psychological levels where price either rejected or paused. Over the daily chart, the 38.2% retracement of a longer swing (not visible in this 24-hour data) sits at 0.0730, aligning with resistance and reinforcing its importance.

Backtest Hypothesis

The backtest strategy described is a volume-confirmed pullback approach on the 15-minute chart. It triggers a short signal when price breaks below the 20-period moving average, with volume increasing by at least 20% above the 3-period average. Stop-loss is placed above the recent 15-minute high, and the target is the next Fibonacci support level. Given the current consolidation below the 20-period MA and the recent volume spikes, this setup would have been valid overnight. A successful execution would have captured the downward move from 0.0735 to 0.0716. This strategy performs best in trending environments with strong volume confirmation, making it suitable for the current bearish context if price continues to trend below key moving averages.