Market Overview for Enjin Coin/Tether (ENJUSDT) on 2025-12-21

Summary
• Price tested key resistance near 0.0283 but failed to hold.
• Volatility expanded after a consolidation phase before 21:30 ET.
• RSI signaled overbought conditions during the 22:30–23:30 ET rally.
• A bearish engulfing pattern formed at 0.0282–0.02805 following the high.
• Turnover surged in late ET hours, confirming downward momentum.

Market Overview

Enjin Coin/Tether (ENJUSDT) opened at 0.02786 on 2025-12-20 12:00 ET, reached a high of 0.0285, a low of 0.02647, and closed at 0.02687 on 2025-12-21 12:00 ET. Total traded volume was 5,710,999.4, and notional turnover was $166,650.

Structure & Formations

Price encountered resistance at 0.0283 and 0.0285, with a bearish engulfing pattern observed at 0.0282–0.02805. A doji at 0.02786–0.02791 suggested indecision, and a key support level appeared at 0.02784 following a pullback. The 0.0278–0.0279 range may offer near-term support, while 0.0283 remains a psychological resistance.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages converged around 0.02795–0.0280, providing a short-term bias. Daily, the 50-period MA sits above the 100-period and 200-period, indicating a weak bullish trend.

Momentum & Overbought/Oversold Conditions

Relative Strength Index (RSI) reached overbought territory during the 22:30–23:30 ET rally, peaking at 68 before correcting sharply. MACD crossed into negative territory after 02:00 ET, confirming bearish momentum. Oversold conditions were noted at 0.0266–0.0267, offering a potential entry zone for longs.

Volatility & Bollinger Bands

Volatility expanded after 21:30 ET, with the 5-minute Bollinger Bands widening to 0.0285–0.0278. Price traded below the lower band at 0.02665–0.02675, signaling potential exhaustion. A contraction phase began after 07:00 ET, hinting at a potential reversal setup.

Volume & Turnover

Volume spiked after 22:00 ET and again between 05:00–07:00 ET, aligning with price declines. A divergence appeared between 02:00–03:00 ET, where volume increased but price failed to break lower. Notional turnover confirmed the late-ET bearish breakdown, validating the move to 0.02687.

Fibonacci Retracements

On the 5-minute chart, the 61.8% retracement level of the 0.02786–0.0285 move was at 0.02814, where price stalled. Daily, the 38.2% retracement of the 0.02647–0.0285 move is at 0.02753, a potential support. A break below 0.02665 could trigger a 161.8% extension to 0.02616.

Forward-looking, a short-term pullback may test 0.02753 and 0.02784 for support, with a bullish reversal expected if it holds. Traders should watch for a potential breakdown below 0.0267, which could accelerate the downtrend. As always, keep a tight stop to manage risk in volatile environments.