Market Overview for Enjin Coin/Tether (ENJUSDT)

Summary
• Price declined from $0.0272 to $0.02571 before rebounding to close near $0.02685, forming a bullish recovery.
• Volatility spiked during the early session as volume surged past 2.5 million, aligning with a key support bounce.
• RSI bottomed near oversold levels, suggesting potential short-term buying interest.
• A bullish engulfing pattern emerged at 0.02513–0.02535 as volume spiked.
• Bollinger Bands contracted during consolidation, followed by a break higher into the upper band.

Enjin Coin/Tether (ENJUSDT) opened at $0.0272 and reached a 24-hour high of $0.02744 before a low of $0.02513. It closed at $0.02685 by 12:00 ET, with a total volume of ~19.2 million and turnover of ~$5.06 million. The pair showed a strong bounce from key support followed by a steady rally into the late hours.

Structure & Formations

A notable bullish engulfing pattern formed at $0.02513–$0.02535, indicating a reversal after heavy bearish pressure. The price then rallied through 0.02571 (61.8% Fibonacci retracement level) and closed near 0.02685, forming a positive divergence in the short-term trend.

Moving Averages

On the 5-minute chart, the 20-period MA crossed above the 50-period MA near $0.0258, signaling a potential short-term bullish shift. On a larger scale, the 200-period MA at ~$0.02635 may provide near-term resistance if the current rally consolidates.

MACD & RSI

The MACD crossed into positive territory late morning, aligning with the price reversal. RSI bottomed near 30, showing signs of oversold conditions, though it has yet to break into overbought territory. This suggests momentum may continue, but a sharp pullback could still occur if resistance levels fail.

Bollinger Bands

Volatility tightened significantly between 0.0258 and 0.0263 before expanding during the rally, with the price closing near the upper band. This pattern may indicate a continuation of the upward move, provided the upper band is sustained above 0.0269.

Volume & Turnover

Volume spiked above 2.5 million at the low of $0.02513, confirming the bullish reversal. Notional turnover increased in line with the price action, reinforcing the conviction behind the rebound.

Fibonacci Retracements

Key retracement levels at 0.02571 (61.8%) and 0.02635 (200-period MA) were both tested and broken, indicating growing bullish conviction. The next major level to watch is 0.0272 (initial high), which could be a target if buyers remain active.

The pair may see a test of 0.0272 in the coming 24 hours, though a pullback to 0.0263–0.0265 could challenge near-term momentum. Investors should remain cautious around 0.02635, as a close below this level may signal a return to consolidation.