ENJUSDT Market Overview – 2025-10-31

• ENJUSDT traded in a narrow range before breaking higher in the last 6 hours, forming a potential bullish reversal pattern.
• Volume surged 4x at 00:15–01:00 ET, coinciding with a 2.2% price move and confirming the breakout.
• RSI entered overbought territory near 75, suggesting a pause or pullback is probable in the near term.
• Price is approaching the 0.0415–0.0417 consolidation range, now acting as dynamic support.
• MACD showed a bullish crossover at 00:30 ET, aligning with price action to signal a short-term bullish trend.

Opening Narrative

Enjin Coin/Tether (ENJUSDT) opened at $0.04034 on 2025-10-30 12:00 ET and reached a high of $0.04226 during the 24-hour period. The pair closed at $0.04198 at 2025-10-31 16:00 ET, with a low of $0.0394. The total volume over the 24 hours was approximately 5.15 million ENJ, and the notional turnover (amount in USDT) was roughly $219,200.

Structure & Formations

ENJUSDT displayed a bearish consolidation pattern between 0.0396 and 0.0405 during the first half of the 24-hour window, with bearish candlesticks and a descending trendline. A key bullish reversal pattern emerged after midnight ET, with a series of engulfing candles at 00:15–01:45 ET confirming a breakout above the 0.0415–0.0417 consolidation range. This range may now serve as a psychological support level. The price also formed a small bearish Doji at 02:00–02:15 ET, hinting at potential hesitation from bullish participants.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in favor of bulls starting at 00:00 ET. The 20SMA crossed above the 50SMA, forming a golden cross. On the daily timeframe, the 50-day SMA remains below the 100-day and 200-day SMAs, suggesting a longer-term bearish bias, but short-term momentum is clearly in favor of buyers.

MACD & RSI

The MACD turned bullish at 00:30 ET, with a crossover and positive histogram, reinforcing the breakout. The RSI hit a peak of 74.8 at 01:45 ET, signaling overbought conditions and a potential pause or pullback. Despite the bullish momentum, traders should watch for a possible RSI divergence or a bearish crossover in the MACD, which could trigger a retracement.

Bollinger Bands

Volatility expanded as ENJUSDT moved out of the Bollinger Band squeeze between 0.0398 and 0.0404. Price now sits above the 20-period Bollinger Band upper band at 0.0420, suggesting the move is still gaining traction. A close below the midline would suggest the momentum is running out of steam.

Volume & Turnover

Volume spiked significantly at 00:15–01:45 ET, coinciding with the breakout and a 2.2% price move. The notional turnover increased by over 4x during this period, validating the strength of the bullish move. However, volume has since cooled off, suggesting the initial buying pressure may be exhausting.

Fibonacci Retracements

Fibonacci levels applied to the 0.0394–0.04226 swing show the 61.8% retraction at 0.0408 and the 38.2% at 0.0411 as immediate support and resistance. The price is currently at 0.04198, which is above the 0.0415–0.0417 consolidation range, and may face resistance at the 0.0420–0.0422 cluster. A break above 0.04226 would suggest the next target is the 0.0425 level.

Backtest Hypothesis

Given the recent price action and the formation of a bullish engulfing pattern during the breakout at 00:15–01:45 ET, a 5-day-hold backtest for Bullish-Engulfing signals could be considered. These signals were not available for automated extraction due to a ticker symbol formatting issue, but based on manual observation, a long entry around 0.0416 with a stop-loss below 0.0410 and a target at 0.0425–0.0426 could have yielded positive returns. This aligns with the RSI and MACD confirmations observed, and such a strategy could be backtested using the provided dates and price points.