Enjin Coin/Tether (ENJUSDT) Market Overview

Summary
• Price formed a bullish breakout from 0.0465 before consolidating near 0.0470.
• RSI signaled overbought conditions, hinting at potential near-term pullback.
• Volume spiked during the breakout but has since moderated, signaling caution.

Enjin Coin/Tether (ENJUSDT) opened at 0.04335 on 2025-11-07 at 12:00 ET and closed at 0.04682 on 2025-11-08 at 12:00 ET. The pair reached a high of 0.04871 and touched a low of 0.04322 during the 24-hour window. Total volume across the 24-hour period was 30,472,199.2 units, with a notional turnover of approximately $1,340,325.20.

The price action displayed a distinct upward thrust from late evening into the early hours of the morning. A bullish engulfing pattern formed around 18:30 ET on 2025-11-07, followed by a strong continuation into the next day. This pattern was reinforced by a rising 20-period moving average and the price staying above the 50-period line for much of the session. However, a key divergence appeared in the RSI, which moved into overbought territory and failed to confirm the strength of the close. This may suggest a pause or retesting before further gains.

Bollinger Bands reflected a moderate increase in volatility around 22:00 ET as the price approached the upper band, before retracting toward the midline. The consolidation phase near 0.0470–0.0472 since the early hours of 2025-11-08 indicates a period of indecision. A 61.8% Fibonacci retracement level at 0.0472 aligns with this consolidation, suggesting a possible point of support. If this level holds, traders may see a potential breakout to the 0.0476 resistance.

The MACD showed a bullish crossover during the breakout but has since flattened, indicating that momentum is slowing. A bearish divergence in RSI and the flattening MACD suggest that buyers may struggle to push higher without renewed conviction. The next 24 hours may bring a test of the 0.0472 support. If buyers fail to hold this level, the next target is 0.0465. Investors should remain cautious as volatility remains elevated and a shift in sentiment could trigger a retrace.

Backtest Hypothesis
To evaluate a potential “buy-on-signal, hold-15-minutes” strategy for ENJUSDT, two key candlestick patterns—Bullish Engulfing and Doji Star—will serve as entry triggers. A Bullish Engulfing pattern, where a larger bullish candle follows a smaller bearish one, could signal a reversal in sentiment and a short-term buying opportunity. A Doji Star, characterized by a small body and long wicks, indicates indecision and could precede a breakout in either direction. The hypothesis would test if entering a long position at the open of the candle following these patterns and holding for 15 minutes captures profitable short-term momentum. Given the high volume during the 18:30–22:00 ET breakout period, several of these patterns were observed and could be used for validation. However, as noted, our current back-test engine is limited to daily bars. We can either approximate the 15-minute hold as a 1-day hold or wait until intraday backtesting capabilities are available.