Enjin Coin/Tether Market Overview for 2025-09-25

• Price declined from 0.0637 to 0.0603 over 24 hours with bearish momentum.
• Key support tested around 0.0603–0.0605, while resistance seen near 0.0633–0.0637.
• Volatility increased as price swung more than 5% with higher volume in late hours.
• RSI entered oversold territory, suggesting potential near-term rebound.
• Bollinger Bands widened, reflecting rising market uncertainty.

Opening and Range Summary

At 12:00 ET - 1, Enjin Coin/Tether (ENJUSDT) opened at 0.0636 and reached a high of 0.0637 before dropping to a low of 0.0602 by 12:00 ET. The pair closed at 0.0603. Total 24-hour volume amounted to 14,444,887.0 units, with notional turnover totaling $879,079.80 (calculated from volume × price). The price action shows a bearish bias amid rising volume in late-night and morning sessions.

Structure & Formations

The 24-hour candlestick chart for ENJUSDT shows a clear bearish trend with multiple rejection points at key resistance levels. The price tested the 0.0633–0.0637 resistance area multiple times during the afternoon and early evening but failed to break through, forming bearish rejection patterns such as a dark cloud cover and a bearish engulfing pattern. In the late-night and early morning, the price formed a key support cluster around 0.0603–0.0605, with a bullish hammer forming at 0.0602. A doji near 0.0612 suggests indecision and potential reversal after the drop.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are bearishly aligned, with the 20 MA crossing below the 50 MA, confirming a short-term bearish bias. On the daily timeframe, the 50-period MA sits above the 100 and 200-period MAs, signaling a medium-term bearish trend. The price closed below all three, reinforcing the downward bias.

MACD & RSI

The MACD histogram remained negative throughout most of the 24-hour period, confirming bearish momentum. The crossover between the signal and fast line in the morning indicated a continuation of the downtrend. Meanwhile, the RSI dipped below 30 in the early morning and remained in oversold territory, suggesting a potential near-term rebound. However, the absence of a strong divergence between price and RSI implies that sellers still hold control.

Bollinger Bands

Bollinger Bands showed significant expansion during the price decline from 0.0637 to 0.0602, indicating rising volatility. The price closed near the lower band at 0.0603, which is typically a bullish signal in a downtrend but remains to be confirmed with follow-through buying. The width of the bands also suggests that the market is reacting strongly to price movements and may consolidate or continue the trend.

Volume & Turnover

Volume was relatively high in the late-night and morning sessions, with a notable spike around 05:30–07:00 ET when the price was trading between 0.0606 and 0.0609. This period saw a volume of 472,427 units and 226,621 units, suggesting strong selling pressure. Notional turnover also peaked during the same timeframe, reinforcing the strength of the bearish move. There was no clear divergence between price and volume, indicating that the bearish momentum is supported by real trading activity.

Fibonacci Retracements

Applying Fibonacci retracement levels to the key high of 0.0637 and the low of 0.0602, the 38.2% level is at approximately 0.0622, and the 61.8% level is at around 0.0614. These levels were tested in the early morning and mid-day but failed to hold, reinforcing the bearish bias. The current close of 0.0603 is near the 0% level, indicating a deep decline from the recent high.

Backtest Hypothesis

The described backtesting strategy appears to align with a mean reversion approach, particularly when RSI enters oversold territory and Bollinger Bands show price near the lower band. The hypothesis could be structured around entering long positions when RSI < 30 and price is within 2% of the lower Bollinger Band, with a stop-loss placed below the recent low and a take-profit at the 38.2% Fibonacci retracement. This strategy would benefit from strong support levels and oversold momentum, as seen in the morning hours on 2025-09-25. The recent price action provides a potential testing ground for this strategy ahead of a possible reversal.