Market Overview for Enjin Coin/Tether (ENJUSDT)

Summary
• ENJUSDT traded in a tight range before breaking lower with increasing volume late in the session.
• A bearish engulfing pattern formed near 0.03222, indicating potential bearish momentum.
• Volatility expanded after 15:30 ET with a sharp drop below 0.0315, reaching 0.03102.
• RSI entered oversold territory near 0.03102, suggesting a potential short-term bounce.
• Bollinger Bands narrowed before the large move, signaling a likely breakout scenario.

Opening and Price Action

Enjin Coin/Tether (ENJUSDT) opened at 0.03185 on December 11 at 12:00 ET, reached a high of 0.03263, a low of 0.03102, and closed at 0.03188 on December 12 at 12:00 ET. Total trading volume reached 14,815,130.0 ENJ, with a notional turnover of $481,000 (based on average price of ~$0.0325 per ENJ).

Structure and Candlestick Patterns

A bearish engulfing pattern formed at 0.03222 around 19:45 ET, which marked a key resistance level. This was followed by a strong bearish continuation as the price broke below 0.0315 and tested the 0.03102 level. A large bearish candle at 15:30 ET confirmed a breakdown, with a 1.6% drop in a single 5-minute interval.

Momentum and Indicators

MACD showed a bearish crossover with a negative histogram, confirming the recent downtrend. RSI plunged into oversold territory near 0.03102, suggesting a possible short-term bounce. However, the bearish trend appears to have more legs, especially if the 0.03102 level fails as support.

Bollinger Bands showed a sharp expansion following the large move, indicating increased volatility.

Volume and Turnover Dynamics

Volume spiked significantly during the breakdown phase, especially between 15:30 and 16:45 ET, with the largest 5-minute candle (15:30 ET) seeing 1,433,306.9 ENJ traded. This volume spike confirmed the move lower, aligning with price action. Turnover also increased sharply during this period, reinforcing the credibility of the bearish move.

Key Levels and Fibonacci Analysis

The 0.03102 level served as a major support, with a 61.8% Fibonacci retracement at that level from the 0.03263 high to the 0.03102 low. A rebound from this level could target 0.0315 as the next potential resistance. On the daily chart, the 50-day moving average lies at ~0.0317, providing a short-term psychological level.

The forward-looking price action may depend on whether the 0.03102 support holds or fails in the next 24 hours. If it holds, a rally toward 0.0317 is possible. However, a break below 0.03102 could target 0.0305–0.0307. As always, investors should remain cautious and monitor volume and momentum indicators for confirmation of any reversal.