Market Overview for Enjin Coin/Tether (ENJUSDT) on 2025-09-26

• ENJUSDT drifted lower on increasing volume, breaking below key support levels.
• RSI and MACD suggest bearish momentum with no immediate oversold signals.
• Volatility expanded, with price near the lower Bollinger Band, signaling potential for further downward testing.
• A strong 15-minute bearish engulfing pattern formed around 17:30 ET, confirming bearish bias.
• Fibonacci retracements show 0.0584 as a key near-term support level.

Price Action and Turnover

Enjin Coin/Tether (ENJUSDT) opened at $0.0608 on 2025-09-26 at 12:00 ET−1 and closed at $0.059 at 12:00 ET, hitting a high of $0.0608 and a low of $0.0576. Total volume for the 24-hour window was 58,494,785.7, with total turnover at approximately $3,496,648. The price action shows a consistent downward bias, with bears maintaining control since the early part of the session.

Structure & Formations

The price formed a bearish engulfing pattern at 17:30 ET, confirming a breakdown from the prior consolidation range. Further support appears at 0.0584 (Fib 61.8% of the key 0.0576–0.0608 swing). A doji formed at 19:30 ET, indicating indecision, but was followed by a strong bearish continuation. Price appears to be in a descending triangle with a target near 0.0576 if the breakdown is confirmed.

Moving Averages and Volatility

On the 15-minute chart, the price has been below both the 20-period and 50-period moving averages for much of the session, reinforcing the bearish trend. The daily moving averages (50/100/200) are not immediately available in the provided data, but the 15-minute chart shows a consistent bearish bias. Bollinger Bands are showing a recent expansion, with price near the lower band, suggesting continued bearish momentum and potential for further consolidation or retests of key support.

Momentum and Indicators

The RSI has been in neutral to bearish territory, with no clear overbought signals but a recent push toward oversold. The MACD has shown a bearish crossover with negative divergence, suggesting continued downward pressure. A retest of the 0.0584 level could trigger a temporary bounce but may not signal a reversal unless accompanied by strong bullish volume and candlestick confirmation.

Volume and Turnover Insights

Volume has steadily increased through the session, with the largest spike at 17:30 ET coinciding with the breakdown. Turnover has confirmed the volume increase, suggesting institutional or strong retail participation in the downward move. A divergence between volume and price action has not been observed, indicating strong bearish conviction.

Backtest Hypothesis

Given the bearish engulfing pattern, descending triangle setup, and confirmation from MACD and RSI, a short bias is suggested for the next 15-minute candle after the breakdown. A stop-loss should be placed above the recent high of 0.0601, with a target of 0.0576. The backtest would aim to capture the continuation move in a bearish trend, with a focus on tight risk-to-reward ratios. This strategy would benefit from using the 20-period MA as a trailing stop for exits or partial profit-taking.