Enjin Coin/Tether (ENJUSDT) Market Overview

• ENJUSDT tested key resistance at 0.0610 and failed, closing near 0.0605 after intraday rejection.
• Strong volume expansion occurred near 0.0610, suggesting accumulation ahead of key resistance.
• RSI and MACD indicate mixed momentum, with price near 20-period MA but below 50-period MA on 15-min chart.
• Volatility increased after 0.0610 breakout attempt, reflected in wider Bollinger Bands and higher turnover.
• Fibonacci levels at 0.0606 and 0.0610 show high retest frequency, pointing to key near-term pivot zones.

Enjin Coin/Tether (ENJUSDT) opened at 0.0603 on 2025-10-07 12:00 ET, peaked at 0.0617, hit a low of 0.0596, and closed at 0.0605 by 2025-10-08 12:00 ET. Total 24-hour trading volume reached 18,976,246.0 ENJ, while notional turnover amounted to $1,153,719.90. Price action showed a failed breakout above 0.0610, with bearish pressure resuming after 09:00 ET.

Structure & Formations

Price formed a bearish rejection pattern at 0.0610 on October 8, with the session’s high at 0.0617 failing to hold, closing below the 0.0610 level. Earlier, on October 7, the 16:00 ET candle formed a bearish engulfing pattern after a brief breakout attempt, signaling potential bearish sentiment. A strong bearish divergence emerged between 0.0607 and 0.0601 between 03:30 and 05:00 ET, with price falling below a key support area at 0.0604. On October 8, price found temporary support at 0.0601 and bounced back toward 0.0606–0.0607. Key resistance remains at 0.0610–0.0612, with a critical pivot at 0.0605–0.0607 offering near-term support.

Moving Averages & Bollinger Bands

The 20-period MA on the 15-minute chart hovered around 0.0604–0.0605, while the 50-period MA settled slightly lower, at 0.0603–0.0604. This suggests a consolidation phase around the 0.0604–0.0606 range. On the daily chart, the 50-period MA sits at 0.0606, with the 200-period MA near 0.0599, indicating a longer-term bullish bias. Bollinger Bands expanded significantly after the 0.0610 breakout attempt, with price hovering near the upper band between 0.0610 and 0.0613 before retreating to the middle band. This suggests a potential volatility contraction ahead, with price likely to trade within the 0.0601–0.0610 range for the next 24 hours.

MACD, RSI & Fibonacci

The 15-minute MACD showed a bearish crossover late on October 8 after 12:00 ET, confirming the downward shift. RSI reached overbought levels above 65 after the 0.0610 attempt, but failed to confirm a bullish breakout, instead trending back below 50. This implies that bullish momentum is waning. Fibonacci retracements on the October 8 swing from 0.0596 to 0.0617 highlight key levels at 0.0606 (38.2%), 0.0609 (50%), and 0.0610 (61.8%). These levels will be critical in the next 24 hours for either retests or continued bearish pressure.

Volume & Turnover

Notional turnover spiked significantly around 0.0610 and 0.0605–0.0607, with the largest single candle at 0.0605–0.0610 on October 8 at 14:15 ET, which recorded a high of $61,200 in turnover. This coincided with a failed breakout attempt and a subsequent pullback. Volume was relatively light in the 0.0596–0.0602 range, indicating limited bearish participation. Price and turnover appear to be aligned on key areas, with no significant divergence spotted. However, the large volume on the 0.0605–0.0610 range suggests accumulation or distribution activity from large players.

Backtest Hypothesis

A potential backtest strategy could involve a breakout approach with a stop-loss near 0.0601 and a take-profit at 0.0610–0.0612. This approach would aim to capture the initial bullish move seen before the 0.0610 rejection, with the 20-period MA acting as dynamic support. Given the recent bearish divergence and failed breakout, a long position should only be considered if price retests 0.0605–0.0606 and forms a bullish reversal pattern. Alternatively, a short position could be initiated at 0.0607 with a stop above 0.0610 and a target at 0.0601–0.0603. This strategy aligns with the RSI divergence and bearish MACD crossover, making it viable for a short-term trade in the coming 24 hours.