Market Overview for Enjin Coin/Tether (ENJUSDT): Bullish Momentum with Volatility Ahead

Summary
• Price action shows a bullish recovery, breaking above key resistance clusters.
• Volume surged in late ET hours, confirming strength in the upward move.
• RSI suggests moderate momentum with no immediate overbought signals.
• Bollinger Bands show recent contraction, hinting at potential volatility expansion.
• A bullish engulfing pattern emerged near session low, adding to positive sentiment.

Enjin Coin/Tether (ENJUSDT) opened at $0.02987 on January 12 at 12:00 ET, reached a high of $0.03147 and a low of $0.02915, and closed at $0.03169 on January 13 at 12:00 ET. Total volume over 24 hours was approximately 4,444,311.8, with notional turnover of $135,277.57.

Structure & Moving Averages

Price formed a bullish trendline from session low ($0.02915) upward, with a key resistance at $0.0307 and a breakout above $0.0312. A bullish engulfing pattern at $0.02935 suggests short-term buyers regained control. The 5-minute 20-period MA moved above 50-period MA, reinforcing upward bias. On the daily chart, price remains above 50- and 200-period MAs.

MACD & RSI

MACD crossed above zero in the late ET hours, signaling renewed momentum. RSI climbed to mid-50s, suggesting moderate strength without overbought conditions. A further push could test 61.8% Fibonacci level at $0.0317–$0.0318.

Bollinger Bands

Bands narrowed sharply during the overnight consolidation before expanding in late ET hours, aligning with the upward breakout. Price has traded near the upper band, indicating a continuation could be probable if volume remains strong.

Volume and Turnover

The most notable volume spike occurred between 13:00 and 17:00 ET, with over 3.5 million contracts traded in a 4-hour span. Turnover surged from ~$9k to over $59k in the 16:45–17:00 ET timeframe, confirming the breakout with increased conviction.

Fibonacci Retracements

The 5-minute chart shows a swing low at $0.02915 and a swing high at $0.03032. A 61.8% retracement aligns with $0.0317, which coincides with a recent breakout level. If rejected, the 38.2% retracement (~$0.0308) could serve as a near-term support.

Price may continue to push toward $0.0318–$0.0320 with sustained volume and momentum. However, a pullback to test $0.0306–$0.0308 could follow if buyers hesitate. Investors should watch for divergence in RSI and volume to assess the sustainability of the move.