Market Overview for Enjin Coin/Tether (ENJUSDT): 24-Hour Analysis as of 2025-12-07

Generated by AI AgentTradeCipherReviewed byAInvest News Editorial Team
Sunday, Dec 7, 2025 9:33 pm ET1min read
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- ENJ/USDT fell to $0.03205, testing 61.8% Fibonacci support at $0.03204 after a bearish engulfing pattern at $0.0324.

- RSI hit oversold 27-28 but weak volume and negative MACD confirm bearish control despite short-term rebound potential.

- Price clung to lower Bollinger Bands for much of the session, with a -0.00057 5-min panic sell-off at 14:30 ET confirming weakness.

- High-volume sell-offs at 14:30/15:15 ET confirmed bearish sentiment, though final hours showed waning downtrend conviction.

- $0.03204 support test could trigger temporary bounce, but 50-period MA at $0.0323 remains critical for trend continuation.

Summary
• Price declined from $0.03279 to $0.03205, with a 61.8% Fib retest at $0.03204 offering potential support.
• RSI oversold at 27-28 suggests short-term rebound potential, but volume has not confirmed the bounce.
• A key bearish engulfing pattern formed near $0.0324, aligning with a breakdown in bullish momentum.
• Volatility widened during the 14:30 ET 5-min candle, with a -0.00057 swing, indicating panic selling.
• Bollinger Bands show price near the lower band at multiple points, reinforcing a weak, range-contracted session.

Market Overview

Enjin Coin/Tether (ENJUSDT) opened at $0.03235 on 2025-12-06 12:00 ET, reached a high of $0.03297, and closed at $0.03205 on 2025-12-07 12:00 ET. The total 24-hour volume was 16,236,416.9 units, with a notional turnover of $518,113.70.

Structure & Formations


Price retreated sharply in the late afternoon, forming a
bearish engulfing candle at $0.0324 and a large 5-min bear swing to $0.03101 at 14:30 ET. A 61.8% Fibonacci retracement level aligns with $0.03204, where price found temporary support, suggesting a potential pause in the downward trend.

Trend and Momentum



RSI dipped into oversold territory (27-28) during the final hours, suggesting a potential short-term bounce. However, volume remained muted near that level, which weakens the case for a strong reversal. The MACD crossed bearish into negative territory and shows no immediate signs of reversal, reinforcing that bears maintain control in the near term.

Volatility and Bollinger Bands


Volatility spiked during the 14:30 ET candle, with a -0.00057 drop. Price has spent a significant portion of the 24-hour period near the lower Bollinger Band, indicating a weak and range-bound session. This contraction may precede a breakout, but the bearish momentum implies it could be a false signal.

Volume and Turnover


High-volume sell-offs occurred during the afternoon, notably in the 14:30 and 15:15 ET 5-min candles. Turnover spiked alongside these declines, confirming bearish sentiment. However, the lack of follow-through in the final hours shows waning conviction in the downtrend.

Forward-Looking View


A test of the $0.03204 Fibonacci level could trigger a modest bounce, but bears may reassert dominance if the 50-period MA at ~$0.0323 is breached. Investors should closely monitor volume and RSI for signs of reversal. Caution is advised, as the next 24 hours may see renewed weakness or a false rally.