Market Overview: Enjin Coin/Tether 24-Hour Analysis

Summary
• Price formed a bullish engulfing pattern near 0.03126 after a sharp decline.
• Volume spiked during the 18:00–19:30 ET window but failed to confirm higher prices.
• RSI hit oversold territory, suggesting potential short-term rebound.
• Bollinger Bands show moderate volatility with price near the midline.

At 12:00 ET on 2026-01-07, ENJUSDT opened at 0.0319, touched a low of 0.03126, and closed at 0.03141. Total volume reached 9,746,127.5 and turnover hit $314,641.34.

Structure & Candlestick Formations

Price action showed a sharp bearish drop from 0.0329 to 0.03126, followed by a moderate recovery. A bullish engulfing pattern formed at 0.03126–0.03132, indicating potential short-term buying interest. A key support level appears to be forming near 0.03126–0.03132, with 0.0320 and 0.0325 as likely near-term resistance targets. A long lower shadow in the 18:00–19:30 ET period suggests rejection of lower prices.

Momentum and Oscillators

The RSI reached 26–28 during the late afternoon, signaling oversold conditions and hinting at a possible bounce. The MACD crossed below the signal line during the decline but failed to confirm further bearish momentum. Price may consolidate around 0.03135 before either breaking support or testing the 0.0317–0.0320 zone.

Volatility and Bollinger Bands

Bollinger Bands showed a moderate expansion following the decline, with price closing near the midline after the 18:00 ET low. This suggests some recentering of volatility, but the band width remains wide enough to indicate unsettled sentiment. A contraction in the next 24 hours could signal a potential reversal setup.

Volume and Turnover

Volume spiked sharply during the 18:00–19:30 ET time window, reaching over 1 million units traded, yet prices failed to hold above 0.0316. Turnover increased in tandem with the volume spikes, but the lack of follow-through above 0.0316 suggests weak conviction. Price and turnover aligned during the initial decline but diverged during the recovery attempt.

Fibonacci Retracements

Key retracements of the 0.03126 to 0.0329 move suggest critical levels at 0.0321 (38.2%) and 0.0325 (61.8%). These levels could serve as potential resistance zones in the next 24 hours.

Price appears to be in a consolidation phase following the sharp correction. A break above 0.0317 may re-ignite bullish momentum, while a drop below 0.03126 could lead to further testing of 0.0310. Investors should remain cautious about volatility and divergence in volume during the next 24 hours.