Enjin Coin/Tether Market Overview

• ENJUSDT declined ~16.8% over 24 hours, closing at 0.0602 after testing support zones below 0.06.
• Volatility expanded mid-night with a range of 0.06–0.0626, followed by consolidation toward the lower end.
• Downtrend was confirmed by bearish momentum in MACD and RSI overbought divergence after 0.0626.
• Volume surged during the breakdown below 0.062, signaling increased bearish conviction.
• Key support at 0.0603–0.0605 and resistance at 0.0618–0.0622 formed a potential reversal battleground.

At 12:00 ET on 2025-10-09, ENJUSDT opened at 0.0612, reached a high of 0.0629, and closed at 0.0602 after trading as low as 0.059. Total volume amounted to 6.39 million ENJ, with turnover of $375,650. The 24-hour session saw a broad bearish consolidation, especially after the price broke below the 0.0618 psychological level, triggering a wave of short-covering and liquidations.

Structure & Formations

The daily price structure displayed a clear breakdown pattern following a key bullish engulfing candle on the 15-minute chart at 17:45 ET on 2025-10-08, which pushed the price to 0.0629. However, this was followed by a series of bearish harami and shooting star patterns that signaled waning bullish momentum. A critical support zone formed around 0.0603–0.0605, where the price found a floor on four occasions during the early morning session. A 61.8% Fibonacci retracement level from the prior swing high at 0.0629 aligned closely with 0.0605, reinforcing the zone as a potential pivot point.

Support and Resistance Levels

Key support levels are now at 0.0603–0.0605 and 0.0597, with a critical psychological floor at 0.0600. Resistance levels include 0.0608, 0.0613, and the strong overhead zone of 0.0618–0.0622. A break above 0.0622 could trigger a retest of 0.0626, but this would require a strong bullish catalyst.

Moving Averages and Momentum

The 15-minute chart showed the price closing below both 20 and 50-period moving averages after 18:00 ET, confirming a short-term downtrend. On the daily chart, the 50-period MA at 0.0615 acted as a bearish barrier. RSI entered overbought territory after the high at 0.0629, then dropped sharply into oversold territory by 00:30 ET, suggesting a potential rebound. MACD turned negative mid-session and remained bearish, with the histogram expanding after 01:00 ET, indicating increasing bearish momentum.

Bollinger Bands reflected a period of expansion during the 0.06–0.0626 range, with the price hovering near the lower band for most of the session, a bearish sign in a downtrend. Volatility has since normalized, but the price remains in the lower half of the bands, pointing to possible further consolidation.

Volume and Turnover

Volume spiked during the breakdown below 0.062, with a single 15-minute candle at 02:30 ET posting 202,137 ENJ and closing at 0.0609. This confirmed the bearish breakout. Notional turnover also rose, particularly during the early morning sell-off, reinforcing the legitimacy of the move. However, volume has since declined, suggesting the bears may be losing steam.

Backtest Hypothesis

The backtest strategy description aligns with the observed bearish momentum and price structure. A hypothetical strategy based on a bearish breakout below the 0.062 level, with a stop above 0.0625 and a target at 0.0597, would have captured the subsequent move with a favorable risk-reward profile. The high volume and bearish RSI divergence provide strong confirmation for such a strategy, especially when combined with a Fibonacci-based target. This setup could be tested for future similar breakdowns on the 15-minute chart.