Market Overview for Enjin Coin/Tether (ENJUSDT) – 2025-11-04

Summary
• Price opened at $0.03865 and closed at $0.0382, with a high of $0.04041 and low of $0.03741.
• Daily volume hit 21.9 million, while turnover reached $7.7 million.
• A bearish trend emerged after a key resistance at $0.0395 failed to hold.

The Enjin Coin/Tether (ENJUSDT) pair opened at $0.03865 on November 3, 2025, and closed at $0.0382 on November 4, after reaching a high of $0.04041 and a low of $0.03741 over the 24-hour period. Total volume traded was approximately 21.9 million ENJ, with a notional turnover of around $7.7 million, suggesting active short-term trading activity. The price has retreated below $0.0385 after failing to hold the psychological level of $0.0395, which appears to have become a key resistance.

On the 15-minute chart, a bearish engulfing pattern formed around $0.04005 on November 4 at 04:15 ET, confirming a potential reversal. The pair has since moved into a consolidation phase, forming a bearish flag pattern near the 20-period moving average, which currently sits at $0.0386. The 50-period moving average is also bearish, crossing below the 20-period line. On the daily chart, both the 50- and 200-day moving averages remain bearish, with the 50-day line at $0.0390 and the 200-day line at $0.0402, indicating a broader downtrend.

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The MACD has turned negative, crossing below the signal line at a value of -0.0001, with a bearish divergence observed in the histogram. RSI has moved into oversold territory below 30, suggesting potential for a short-term bounce. However, this is likely a bear trap, given the weak volume confirmation. Bollinger Bands show a recent expansion, with the pair trading closer to the lower band, indicating heightened volatility. The 20-period standard deviation is elevated at 0.0003, reinforcing the bearish volatility bias.

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Looking at Fibonacci levels derived from the recent swing high at $0.04041 and swing low at $0.03741, the 38.2% and 61.8% retracements fall at $0.0392 and $0.0383 respectively. Price has tested the 61.8% level recently and may face support there before potentially testing $0.0380. The volume profile shows a moderate increase during the late hours of November 3, but has cooled off since, suggesting reduced conviction in the short-term bearish move.

Backtest Hypothesis
The proposed backtesting strategy involves identifying bearish engulfing patterns on the 15-minute chart and opening short positions at the close of such candles, holding for 48 hours (two 24-hour candles). While the raw data for ENJUSDT is available, the pattern detection tool has not yet identified the exact dates of these bearish engulfing events. A programmatic scan of the OHLC data can be initiated to identify potential entry points. Once these dates are confirmed, the strategy can be backtested from January 1, 2022, to the present, providing insights into hit ratio, max drawdown, and total return. This approach ties directly into the current technical analysis, particularly the recent bearish engulfing formation at $0.04005, which would qualify as a signal under this strategy.

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