Enjin Coin/Tether (ENJUSDT) Market Overview

Summary
• ENJUSDT opened at $0.03743 and closed near $0.04433, surging by nearly 18.5%.
• High volatility and volume spikes suggest strong bullish momentum during the session.
• A bullish engulfing pattern formed on key support, followed by a breakout above prior highs.

Enjin Coin/Tether (ENJUSDT) opened at $0.03743 on 2025-11-06 at 12:00 ET and closed at $0.04433 on 2025-11-07 at the same time. During the 24-hour period, the pair reached a high of $0.04439 and a low of $0.03702. Total trading volume exceeded 31.6 million ENJ, while turnover (notional value) was approximately $1,388,000.

The price action displayed a strong reversal from earlier consolidation, with a bullish engulfing pattern forming on 2025-11-06 20:15 ET. This pattern was followed by a sharp upward breakout, with the price surmounting key resistance levels and showing no signs of immediate bearish pressure. The move suggests a potential shift in sentiment, with buyers stepping in aggressively after the pattern's confirmation. The overall trend appears to be bullish, though volatility remains high and could invite short-term corrections.

Structure & Formations

The price has moved through several key support and resistance levels, with the most significant support seen at $0.03702, which was tested and held during the session. Resistance was first breached at $0.03991 and then again at $0.04213 before reaching a new high at $0.04433. A clear bullish engulfing pattern formed at the beginning of the breakout, indicating a potential shift in momentum. Additionally, a doji candle formed on 2025-11-07 at 04:15 ET, suggesting short-term indecision after the strong upward move.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both trending upward, with the 20-period line above the 50-period line, indicating a bullish crossover. On the daily chart, the 50-period and 100-period lines are converging, with the 50-period line approaching from below. The 200-period MA is still acting as a strong support zone at around $0.03850, suggesting potential for a retest of this area in the near future.

MACD & RSI

The MACD has turned positive and is trending upward, with the signal line following closely behind, indicating strengthening bullish momentum. The RSI is currently at 68, showing that the pair is not yet in overbought territory. However, the RSI reached a high of 74 earlier in the session, suggesting that a pullback to the 60–65 range could be possible before further upward movement.

Bollinger Bands

Price has expanded beyond the upper Bollinger Band following the breakout, indicating increased volatility and a strong move. The bands were previously contracted during consolidation, making the breakout more significant. As the price continues to trade above the upper band, this suggests a continuation of the current bullish trend. A retest of the lower band near $0.03900 could indicate a possible short-term correction.

Volume & Turnover

Volume surged during the breakout, with the highest turnover occurring around 2025-11-06 20:15 ET when the bullish engulfing pattern was confirmed. Volume continued to remain elevated as the price pushed higher, with the largest single 15-minute volume spike at 2025-11-07 00:15 ET (816,264.7 ENJ). Turnover and price action are aligned, with no major divergence observed. This supports the strength of the move and suggests a continuation of the bullish trend.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from $0.03702 to $0.04433, key levels include the 23.6% at $0.03868, 38.2% at $0.03972, and 61.8% at $0.04130. The price has already moved past the 61.8% level, suggesting further movement toward the 78.6% at $0.04330 could follow. These levels may act as potential areas of interest for retests or consolidation.

Backtest Hypothesis

A potential backtest strategy could focus on the bullish engulfing pattern identified on 2025-11-06 20:15 ET. This pattern could trigger a long entry at the next session’s open, with an exit either at a close above the pattern’s high or a stop-loss at the pattern’s low. Given the strong volume and price action seen post-breakout, such a strategy could prove effective in capturing a portion of the upward move. The RSI and MACD indicators also support the continuation of the trend, making this a viable candidate for further backtesting. A holding period of up to five days could be considered if neither exit condition is met.