Market Overview for Enjin Coin/Tether (ENJUSDT)

• ENJUSDT traded in a consolidating pattern, with a high of $0.0663 and a low of $0.0635 over 24 hours.
• Volume spiked during the afternoon ET before tapering off overnight, showing no strong directional bias.
• RSI suggests oversold conditions later in the night, while Bollinger Bands show mild volatility expansion.
• A bearish 15-minute pullback formed from $0.0663 to $0.0643 after a brief early rally.
• Fibonacci retracement levels at $0.0648 (38.2%) and $0.0639 (61.8%) emerged as potential support targets.

Price Movement and Structure

Enjin Coin/Tether (ENJUSDT) opened at $0.0650 on 2025-10-03 at 12:00 ET and closed at $0.0638 on 2025-10-04 at 12:00 ET, reaching a high of $0.0663 and a low of $0.0635. The pair traded in a descending consolidation pattern throughout the 24-hour period. Key support levels identified include $0.0650 and $0.0635, while resistance appeared at $0.0663 and $0.0658. A bearish engulfing pattern formed around $0.0662–$0.0655, suggesting short-term bearish momentum. A doji candle appeared near $0.0646–$0.0646, hinting at indecision.

Moving Averages and Momentum

Short-term moving averages (20/50 SMA) on the 15-minute chart indicate a gradual bearish bias, with prices trending below both indicators. On the daily chart, the 50/100/200 SMA setup also shows bearish alignment, with the 50 SMA dipping below the 100 and 200 SMA. The RSI (14) reached an oversold level of 28 near the 0.0635 level, suggesting potential for a short-term bounce. The MACD (12, 26, 9) showed negative divergence with prices, confirming bearish momentum.

Volatility and Volume Dynamics

Volatility expanded in the afternoon ET, with Bollinger Bands widening from $0.0643 to $0.0663. Price settled near the lower band during the overnight session, indicating potential bearish exhaustion. Total 24-hour volume amounted to 2657635.0 ENJ, while notional turnover reached $64. Volume spiked during the 15-minute candle at $0.0662–$0.0658, but subsequent candles showed declining volume, suggesting a lack of conviction in the downward move. No significant divergence between volume and price was observed.

Fibonacci Retracements and Key Levels

Fibonacci retracement levels applied to the 15-minute swing from $0.0663 to $0.0635 identified potential support at $0.0648 (38.2%) and $0.0639 (61.8%). Price tested both levels with mixed results. The 0.0639 level appears to be the most critical near-term support, with a potential bounce or breakdown in the next 24 hours. A break below $0.0635 may trigger a deeper decline toward $0.0629–$0.0625.

Backtest Hypothesis

A potential backtesting strategy could involve entering short positions on a bearish engulfing pattern forming below a key resistance level (e.g., $0.0663–$0.0655 in this case), with a stop-loss above the engulfing high. The strategy may also include a Fibonacci-based target, such as the 61.8% retracement at $0.0639. If price confirms the pattern with strong volume and RSI moves into oversold territory, the trade may be closed for profit or held for further consolidation. This strategy would align with the observed bearish structure and could be tested on historical 15-minute data.