Enjin Coin/Tether (ENJUSDT) Market Overview

• ENJUSDT edged higher, closing at 0.0709 after forming key bullish patterns near $0.0682 support.
• RSI and MACD suggest moderate bullish momentum with no overbought conditions observed.
• Volatility expanded as price traded within a broad $0.0678–$0.0718 range, with volume surging in the final 12 hours.
• Bollinger Bands showed a recent expansion, indicating increased volatility and potential consolidation ahead.
• Fibonacci retracements suggest 0.0713 as near-term resistance with 0.0718 as a potential extension target.

Enjin Coin/Tether (ENJUSDT) opened at $0.0684 on 2025-09-17 12:00 ET, reached a high of $0.0718, and settled at $0.0709 by 12:00 ET on 2025-09-18. The pair traded within a $0.0678–$0.0718 range, with total volume of 11,023,275.9 ENJ and a notional turnover of $738,628.55. Price appears to have consolidated above a key support level at $0.0682, forming several bullish candlestick patterns, including a 15-minute bullish engulfing and a higher timeframe bullish reversal.

Structure & Formations

The 15-minute chart revealed multiple significant price pivots, with $0.0682 acting as a strong support. A bullish engulfing pattern formed at 17:30 ET, followed by a higher close at $0.0689. Later, price pushed through a prior intraday high to reach $0.0718, forming a series of higher highs and higher lows after 19:00 ET. A key consolidation phase emerged after $0.0713, indicating potential for a test of $0.0718 as the next resistance. A doji at $0.0704 near 00:15 ET suggests indecision ahead of the next move.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages trended upwards from $0.0692 to $0.0706, confirming a bullish bias. The daily 50, 100, and 200-period moving averages are not fully visible in the 24-hour data but are expected to align with the bullish trend based on the 15-minute structure.

MACD & RSI

MACD crossed into positive territory after 17:00 ET, with a histogram that expanded through the close, signaling strong bullish momentum. The RSI trended upward, reaching 58 by the close, indicating moderate bullish strength with room to rise further before overbought conditions set in.

Bollinger Bands

Price traded within a wide Bollinger Band range, expanding from $0.0682 to $0.0718. The bands showed a recent widening, suggesting increased volatility. At the close, price was positioned near the upper band at $0.0718, indicating a possible overbought condition and a potential pullback into the mid-band at $0.0704.

Volume & Turnover

Volume spiked above 200,000 ENJ after 17:00 ET and again after 19:30 ET, with a final surge to 419,381.2 ENJ at 06:00 ET. Turnover mirrored this, reaching a peak of $29,800 during the 02:15 ET candle. No significant divergence was observed between price and turnover, suggesting consistent bullish conviction.

Fibonacci Retracements

Fibonacci levels applied to the 15-minute swing from $0.0682 to $0.0718 show key levels at 38.2% ($0.0701) and 61.8% ($0.0711). The daily swing from $0.0678 to $0.0718 suggests a 61.8% retracement at $0.0704 as a potential consolidation zone.

Backtest Hypothesis

A potential strategy could focus on entries near the 61.8% Fibonacci level at $0.0704, using RSI as a filter for bullish confirmation. A long signal may be triggered if price breaks above $0.0713 with increasing volume, with a stop-loss placed below $0.0701. This strategy aligns with the observed MACD strength and volume spikes, suggesting a high-probability scenario for further upward movement.