Enjin Coin/Tether (ENJUSDT) Market Overview

• Price declined from 0.04746 to 0.04392 over 24 hours amid heavy selling pressure.
• Key support tested at 0.0435, with a Gravestone Doji and bearish engulfing patterns visible.
• RSI approached oversold territory, while MACD remained in negative territory.
• Volatility increased significantly following a sharp selloff after 04:00 ET.
• Turnover spiked over $1.1 million in the early hours of the selloff, confirming bearish momentum.

Opening Narrative

Enjin Coin/Tether (ENJUSDT) opened at 0.04746 on October 16, 2025, and declined throughout the 24-hour period, hitting a low of 0.0433 before closing at 0.04392 at 12:00 ET on October 17. Total volume reached 10,315,408.6, with turnover exceeding $453,875. The price action suggests strong bearish momentum and a possible continuation of the downtrend.

Structure & Formations

The 15-minute chart reveals several bearish formations, including a Gravestone Doji at 0.04403 (07:00 ET) and a Bearish Engulfing pattern at 0.04483 (06:45 ET). These signals often indicate potential trend reversals or confirmations of bearish continuation. Price has repeatedly tested the support level at 0.0435–0.0436, with some rejections observed, suggesting this area could be a pivotal psychological level.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages are both below the current price, indicating a bearish bias. On the daily chart, the 50-period, 100-period, and 200-period moving averages also point downward, reinforcing the long-term bearish trend.

The MACD remains negative and has not shown signs of a bullish crossover, with the signal line maintaining a downward trajectory. Meanwhile, the RSI dipped below 30 during the selloff, indicating oversold conditions, though this may not necessarily trigger a reversal in this strongly bearish environment.

Bollinger Bands

Bollinger Bands have widened significantly, reflecting increased volatility after the 06:45 ET drop. The price has spent much of the session near or below the lower band, suggesting strong distribution pressure. A rebound from the lower band could indicate short-term stabilization, but without a clear break above the middle band, bearish momentum remains intact.

Volume and Turnover

Volume and turnover surged notably during the 06:45 ET to 07:00 ET period, with over 1 million tokens traded and turnover exceeding $40,000, coinciding with the sharp drop. This divergence between price and volume—where volume increases on the down leg—strengthens the bearish case. However, the lack of a new support test after 0.0435 may signal a potential stabilizing force if buyers enter at this level.

Fibonacci Retracements

Applying Fibonacci levels to the most recent 15-minute swing from 0.04746 to 0.0433, the price has reached the 61.8% retracement at around 0.0452. On the daily chart, the drop from the 0.04746 high to 0.0433 aligns with the 76.4% retracement level, suggesting a possible exhaustion in the bearish move, at least temporarily.

The price may find near-term support at 0.0435 and resistance at 0.0445. A move above 0.0445 could signal a consolidation or bear trap, whereas a breakdown below 0.0433 would confirm a new bearish trend.

Backtest Hypothesis

Given the appearance of bearish reversal patterns like the Gravestone Doji and Bearish Engulfing, one could consider testing a short-term bearish strategy. A possible approach would be to open a short position at the close following the appearance of these patterns and hold until the next daily close or a 5% stop-loss. While this is a daily approximation, it could offer insights into the effectiveness of such patterns in ENJUSDT. With true 15-minute data backtesting support, more precise entry and exit points could be identified.