Market Overview for Enjin Coin/Tether (ENJUSDT) on 2025-09-22

• ENJUSDT opened at 0.068 and closed at 0.0622 over 24 hours, with a high of 0.0682 and a low of 0.0591.
• A sharp sell-off began after 00:45 ET as price broke below Bollinger Band support, signaling increased bearish momentum.
• Volume surged above 7 million during the early morning ET sell-off, but price failed to recover even with moderate volume in the afternoon.
• RSI and MACD confirmed oversold conditions by late afternoon, suggesting limited further downside unless bear pressure intensifies.
• Fibonacci retracements highlight 0.0615 as a key support level, with 0.0627 as the immediate resistance ahead.

Price Action and Context

Enjin Coin/Tether (ENJUSDT) opened at 0.068 on 2025-09-21 at 12:00 ET, reaching a high of 0.0682 before closing at 0.0622 on 2025-09-22 at 12:00 ET. The pair experienced a sharp decline after 00:45 ET, with price dropping below 0.066 and continuing lower into the morning. Over the 24-hour period, trading volume totaled 24,400,952.6 and notional turnover reached 1,437.3. The move highlights a bearish sentiment with no clear signs of reversal yet.

Structure & Formations

The 15-minute chart shows a key support cluster forming between 0.0615 and 0.0619, where price has paused multiple times in the afternoon and early evening. A notable bearish engulfing pattern appeared at 01:00 ET, confirming a shift in momentum. A doji formed at 05:00 ET, suggesting indecision, while a bullish harami formed in the 4–5 hour window, indicating potential for a short-term bounce. Resistance levels are seen at 0.0623, 0.0627, and 0.0637, with the latter being a psychological level that could spark buying interest.

MACD and RSI

The 12:00 ET close saw the RSI at 26, indicating oversold conditions. The MACD crossed into negative territory in the early morning and remained bearish, with a histogram that has been declining since 04:00 ET. This suggests fading bullish momentum and a continuation of the bear phase unless price breaks above 0.0625 with increased volume. A reversal above 0.0627 could trigger a bounce but would need confirmation to extend higher.

Bollinger Bands and Volatility

Price spent a significant portion of the 24-hour period below the Bollinger Band lower channel, indicating high volatility and bear dominance. A contraction was observed between 02:00 and 03:00 ET, followed by a breakout to the downside. This pattern is often a precursor to a sharp move, and current positioning below the 20-period band suggests that further downside is likely unless price can close above the 20-period SMA. Volatility remains elevated, with the average true range (ATR) increasing by 18% from the previous day.

Volume & Turnover

Volume spiked dramatically in the 00:45 ET candle, where price fell to 0.066 and traded over 1,493,499 notional units. This was the highest single candle turnover of the 24 hours. However, price failed to hold above 0.066 after this, indicating weak conviction in the move. In the afternoon, volume remained moderate, with the 15:15 ET and 15:30 ET candles showing increased activity. A divergence between price and volume is visible during the late afternoon and early evening, as price moved higher without a corresponding increase in volume, suggesting limited follow-through buying.

Fibonacci Retracements

Applying Fibonacci retracements to the 01:00–05:00 ET sell-off, key levels include 0.0615 (38.2%), 0.0619 (61.8%), and 0.0622 (78.6%). Price has stalled at 0.0619 multiple times in the past three hours, with the 0.0615 level now in focus as the next test. A break below 0.0615 could extend the move to 0.0605. On the upside, the 0.0622–0.0627 range is a critical threshold to watch, as a sustained move above 0.0627 could signal a reversal in the short-term trend.

Backtest Hypothesis

Given the current bearish setup and the oversold RSI reading, a backtest strategy could target a short position with a stop just above the 0.0627 resistance and a first profit target at 0.0615, followed by 0.0605. The use of a 20-period EMA as a trailing stop could also be incorporated to manage risk dynamically. The high volume and low RSI suggest that the market may be at a turning point, but until a clear reversal signal forms—such as a bullish engulfing pattern above 0.0627—further downside remains a higher probability scenario. Position sizing should be adjusted based on the risk tolerance of the trader.