ENJUSDT Market Overview – 24-Hour Volatility, Deep Pullback, and Strong Rebound

• ENJUSDT posted a 24-hour low of 0.0410 and closed near 0.0464 after a volatile drop to 0.0288.
• Momentum slowed in the final 6 hours, with RSI stabilizing near the mid-50s and volume dropping.
• A large bearish engulfing pattern formed around 21:30 ET, followed by a rapid 28% rebound over 3.5 hours.
• Volatility expanded sharply from 0.0288 to 0.0468, with Bollinger Bands widening past 2 standard deviations.
• Turnover spiked to $9.1M during the breakdown to 0.0288, then fell as buyers reentered from 0.0410.

Price Action and Turnover

Enjin Coin/Tether (ENJUSDT) opened at 0.0601 on 2025-10-10 at 12:00 ET, surged to 0.0606, then collapsed to a 24-hour low of 0.0288 by 21:30 ET. By 12:00 ET on 2025-10-11, the pair had recovered to 0.0464, forming a sharp V-bottom. Total traded volume reached 266.4 million ENJ, with a notional turnover of approximately $12.1 million.

The 15-minute candlestick pattern included a large bearish engulfing formation and a massive breakdown bar during the 21:30 ET session, followed by a strong recovery over the next 3.5 hours.

Structure & Moving Averages

On the 15-minute chart, key support levels formed at 0.0410 and 0.0365, with resistance at 0.0465 and 0.0480. The 20-period moving average (0.0458) and 50-period (0.0455) were nearly aligned and provided buy support during the rebound. On the daily timeframe, the 50-period MA (not available in this dataset) would typically act as a critical level for trend continuation.

Momentum Indicators

The RSI dipped sharply below 30 during the breakdown and rebounded to 56 by the close, suggesting momentum has returned but is not yet overbought. The MACD crossed from negative to positive in the final 6 hours, with the histogram showing increasing bullish divergence.

Volatility and Volume

Bollinger Bands expanded dramatically during the breakdown, reaching widths of over 0.0080. The price closed near the upper band in the final hours, signaling potential overbought conditions. Volume surged during the breakdown but declined in the recovery phase, suggesting consolidation rather than a new bullish wave.

Fibonacci Retracements

The 38.2% retracement level from the 0.0288 low to the 0.0464 close sits at 0.0377, while the 61.8% level is at 0.0423. The price currently sits above both, suggesting buyers have taken control temporarily. A retest of the 61.8% level could confirm the trend’s strength.

Backtest Hypothesis

A backtesting strategy could focus on shorting on a breakdown below the 0.0410 support with a stop above the 0.0430 resistance and targeting the 0.0365 level. Alternatively, a long entry on a close above 0.0465 with a stop at 0.0450 could capture the next bullish push. Historical data suggests such a setup may yield a 1:2 risk-reward profile in the current environment.

Outlook

While the immediate bounce suggests bullish sentiment, the low volume during the recovery indicates caution. A break above 0.0468 could signal a new phase of strength, but a pullback to the 0.0420–0.0430 range would be a key test of market conviction. Investors should monitor for divergences in RSI and volume to assess the sustainability of the move higher.