Market Overview for Enjin Coin/Tether (ENJUSDT) on 2025-11-13

Summary
• Price ranged between 0.04002 and 0.04230 during the 24-hour period, closing marginally higher.
• Volume surged in late morning (ET) but dipped toward the close, suggesting weakening momentum.
• RSI hit overbought territory multiple times, but failed to sustain gains above 60.
• Key support was tested at 0.0405–0.0410 and held temporarily, but price drifted lower toward the close.

Opening and 24-Hour Summary

Enjin Coin/Tether (ENJUSDT) opened at 0.04139 (12:00 ET–1) and closed at 0.04009 (12:00 ET) after a 24-hour range of 0.04002–0.04230. Total volume amounted to 13,385,592.3 ENJ with a turnover of $547,262.50 (based on 0.0405 average price), indicating moderate trading interest but no strong directional bias.

Structure & Formations

Price action on the 15-minute chart showed a series of failed rallies, particularly between 0400 and 0600 ET, where multiple bullish candlestick patterns such as a Bullish Engulfing at 0.04135–0.04159 and a morning Doji at 0.04165–0.04167 were followed by sharp reversals. Key resistance appears to be forming around 0.0416–0.0418, while 0.0405–0.0410 acts as a key support cluster. A bearish divergence in RSI suggests caution ahead.

Moving Averages

On the 15-minute timeframe, the 20SMA and 50SMA crossed in a bearish crossover around 0500 ET, reinforcing the downward pressure. On the daily chart, the 50DMA at 0.0410 and the 200DMA at 0.0402 remain relevant, with the current price near the 50DMA. If support at 0.0405 holds, it could signal a consolidation phase before a potential rebound attempt.

MACD & RSI

The MACD line and signal line crossed bearishly during the early morning hours, aligning with the breakdown in price. RSI spiked above 70 multiple times, particularly during the 0200–0600 ET window, indicating overbought conditions. However, RSI failed to sustain above 60 and fell into neutral to oversold territory by the close, suggesting the market is fatigued on the upside and may test lower levels in the near term.

Bollinger Bands

Price action oscillated between the upper and lower Bollinger Bands, with a notable contraction observed between 0700 and 0900 ET, suggesting a period of consolidation. A breakout above the upper band failed to hold, and the price was drawn back toward the middle band, reinforcing the neutral-to-bearish bias. The recent expansion of the bands reflects increased volatility.

Volume & Turnover

Volume spiked in the early hours of the morning, particularly during the 0200–0400 ET period, as price approached 0.04225. However, volume declined significantly in the afternoon and evening, even as the price continued to drift lower. This divergence suggests weakening conviction in the bearish trend, but without a clear reversal signal, further downward pressure remains a risk.

Fibonacci Retracements

On the 15-minute chart, the recent low at 0.04002 aligns with the 61.8% Fibonacci retracement level from the 0.04002–0.04230 swing, suggesting a possible near-term floor. The 38.2% level at 0.04115 and the 50% level at 0.04116 were tested and broken, indicating a bearish continuation bias for the next 24 hours.

Backtest Hypothesis

The “Bullish Engulfing + RSI > 70” signal, tested over 3.5 years, produced a net return of -6.77% and an average trade loss of -0.36%. This aligns with the current RSI behavior, where overbought conditions frequently failed to produce follow-through buying. The results suggest that the market tends to consolidate or reverse after such setups, reinforcing the need for additional filters (e.g., volume confirmation or trend alignment) to improve the signal’s reliability.