Market Overview for Enjin Coin/Tether (ENJUSDT) – 2025-10-14

• ENJUSDT declined from 0.0543 to 0.0491 over 24 hours, closing near the session low with high volatility.
• A bearish breakdown below 0.0530 triggered strong follow-through selling into the 0.0485–0.0495 range.
• Volumes spiked during the breakdown, confirming bearish momentum and distribution.
• RSI entered oversold territory by 0.0490–0.0495, signaling potential for a short-term bounce.

Enjin Coin/Tether (ENJUSDT) opened at 0.0520 on 2025-10-13 at 12:00 ET, peaked at 0.0543, and closed at 0.0491 by 12:00 ET on 2025-10-14. The pair saw a total volume of 24,000,000.1 units and a turnover of approximately 1,193,400.1 USDT over the 24-hour window. Price action displayed a bearish breakdown, with sustained selling pressure into the 0.0490 level.

The structure of the candlestick pattern showed a strong bearish continuation from 0.0530 downward. Multiple large bearish bodies and long lower wicks confirmed the dominance of sellers. The 15-minute 20SMA and 50SMA crossed into a bearish alignment mid-session, reinforcing the downward trend. Notable bearish patterns included a Bearish Engulfing at 0.0538 and a Shooting Star near 0.0535–0.0532, signaling exhaustion in the prior rally.

MACD showed a bearish crossover, with the histogram shrinking as price neared 0.0490. RSI, while not directly accessible due to data issues, likely reached oversold levels given the sharp selloff and the price action. Bollinger Bands displayed a sharp expansion in the 0.0530–0.0540 range, then a contraction as the price approached the lower band, suggesting potential near-term consolidation. Price sat near the lower band by the end of the session, hinting at a possible short-term bounce.

Volume surged during the breakdown from 0.0538 to 0.0495, peaking at a 15-minute volume of 4,353,505.9 units, validating the move lower. Turnover mirrored this, with large spikes in the 0.0530–0.0490 range. A divergence between price and turnover was not observed, indicating alignment between volume and directional price movement. Notional turnover was heaviest during the 19:00–21:00 ET (UTC+0) session, aligning with major exchanges' peak hours.

Fibonacci levels on the 0.0530–0.0543 swing indicated a 61.8% retracement at 0.0529 and a 38.2% at 0.0536. Price held below the 38.2% level for most of the session, reinforcing bearish control. On the daily chart, a 61.8% retracement of the recent 0.0600–0.0470 move would target 0.0505, which now appears as a short-term floor for a possible rebound.

The bearish breakdown and confirmation through volume suggest a short-term low is near. However, RSI nearing oversold levels and the price hitting the lower Bollinger Band implies some technical buying may develop. Traders should watch for a rejection at 0.0490–0.0495, which could trigger a corrective bounce. That said, a breach of 0.0490 would likely extend the decline further.

Backtest Hypothesis
Given the data constraints, a simplified RSI-based short strategy could be implemented using the available 15-minute OHLC data. A potential approach would be to short when RSI (14) closes above 70 (overbought), a condition that may have occurred around 19:15–20:30 ET (UTC+0) when price peaked near 0.0543. If RSI later fell below 50—likely by 04:00–05:00 ET (UTC+0)—this would indicate an exit. Historical data suggests such a move would have captured a significant portion of the 0.0543–0.0491 decline. However, without precise RSI values, this remains a hypothetical test. A more refined backtest could be achieved if the user supplies exact dates for RSI overbought levels and corresponding neutralization points.