Market Overview: Enjin Coin/Tether 24-Hour Analysis

Summary
• Price consolidated between 0.0306 and 0.03105 on 5-min chart.
• RSI and MACD indicate neutral to slightly bearish momentum.
• Volume surged after 18:00 ET, confirming bearish pressure.
• Bollinger Bands suggest low volatility in early session, expanding toward 21:00 ET.
• A potential bullish reversal failed at 0.03112, with no clear breakout.

Enjin Coin/Tether (ENJUSDT) opened at 0.0307 on 2026-01-08 12:00 ET, reaching a high of 0.03116 and a low of 0.03045 before closing at 0.0309 at 12:00 ET. Total volume was 1,032,153.4 and turnover amounted to 31,823.22 USDT.

Structure & Formations

Price action over the 24-hour period revealed a tight range between 0.0306 and 0.03105 on the 5-minute chart. A failed bullish reversal pattern appeared near 0.03112, followed by a bearish breakdown from 0.03105 to 0.03045. Key support levels emerged at 0.0306 and 0.03045, with 0.03105 acting as resistance.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart were closely aligned near 0.0308, indicating a neutral trend. The longer-term daily chart showed the 50-period and 200-period averages overlapping around the same level, suggesting no clear directional bias over the last day.

MACD & RSI

MACD showed a bearish crossover in the 5-minute chart after 18:00 ET, aligning with price depreciation. RSI remained in the neutral range (40–60) for most of the session, with a brief overbought spike near 68 before correction. This suggests limited momentum and a lack of conviction in either direction.

Bollinger Bands

Bollinger Bands began the session with a narrow contraction, indicating low volatility. By 21:00 ET, the bands expanded as volume and price movement increased, signaling a potential breakout. Price remained within the band range for most of the session, with only brief touches near the upper and lower bounds.

Volume & Turnover

Volume spiked after 18:00 ET, with the largest single bar at 149,403.5 at 21:15 ET, coinciding with the breakdown from 0.03105 to 0.03066. Turnover rose in tandem, confirming the bearish move. Divergence was observed at 22:45 ET, where volume dropped despite a minor price rebound, indicating weak follow-through.

Fibonacci Retracements

Applying Fibonacci retracements to the key 5-minute swing (0.03116 to 0.03045), the 38.2% level at 0.03090 and the 61.8% at 0.03067 coincided with price consolidation. The 50% retracement level at 0.03080 appears to be a short-term pivot, with potential for a bounce or continuation based on volume confirmation.

Looking ahead, the market may test the 0.0306 support level over the next 24 hours, with a risk of further bearish momentum if it breaks. Investors should remain cautious and monitor the 0.0306–0.0308 range for potential trend clarity.