Market Overview for Enjin Coin/Tether (ENJUSDT): 24-Hour Analysis

Summary
• Price declined 5.7% over 24 hours, hitting a daily low of $0.03057.
• Bearish momentum intensified midday, with volume spiking to 441,431.4.
• RSI approached oversold territory, suggesting potential near-term rebound.
• Bollinger Bands widened late morning, indicating rising volatility.
• A bearish engulfing pattern formed early morning, confirming downward bias.

The 24-hour period for Enjin Coin/Tether (ENJUSDT) began at $0.03151, reached a high of $0.0316, and closed at $0.03081. Price hit a low of $0.03057, marking a 5.7% decline. Total volume amounted to 441,431.4 and notional turnover was $13,854.8 (calculated as volume × price weighted).

Structure & Candlestick Patterns

Price action displayed a strong bearish trend, with key support levels forming around $0.0307–0.0308 and $0.0305–0.0306. A bearish engulfing pattern was visible around 05:30–06:00 ET, signaling a shift in momentum. A doji near $0.0309 at 16:30 ET hinted at indecision, but bears quickly regained control.

Indicators and Momentum

RSI dipped below 30 in the afternoon, suggesting oversold conditions and potential for a rebound. MACD remained negative throughout, with bearish divergence evident in the MACD histogram. Price continued to underperform the 20-period and 50-period moving averages on the 5-minute chart, reinforcing the bearish bias.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the morning session, indicating rising volatility. Price traded well below the 20-period moving average within the lower band, suggesting continued bearish pressure. A contraction in band width occurred briefly at 04:00 ET, indicating a potential breakout, which was soon confirmed to the downside.

Volume and Turnover Dynamics

Volume surged above 350,000 at 05:45 ET and 11:45 ET, coinciding with key price declines. Notional turnover rose in tandem, confirming the bearish momentum rather than signaling divergence. The largest single-candle volume occurred at 11:45 ET, with 303,861.4 units traded at a weighted average price of $0.03082.

Fibonacci Retracements

On the 5-minute chart, the decline from $0.0316 to $0.03057 reached the 61.8% Fibonacci retracement level, often considered a strong support area. On the daily chart, this move aligns with the 38.2% retracement of a larger bullish swing, suggesting further support could hold near $0.0305.

Looking ahead, traders may watch for a potential bounce from the $0.0305–0.0307 range, though bearish momentum could persist without a strong reversal pattern or volume spike. As always, unexpected macro or market news could alter the trajectory.