Market Overview for Enjin Coin/Tether (ENJUSDT): October 24, 2025

• Enjin Coin/Tether (ENJUSDT) closed lower at 0.04407 after a volatile 24-hour session.
• Price found key support around 0.0435–0.0440 and tested resistance at 0.0445–0.0450 multiple times.
• Volume surged during the downward drift, highlighting increased bearish pressure.
• Momentum indicators suggest weakening bullish momentum with overbought conditions unmet.
• Bollinger Bands show moderate volatility, with price trending near the mid-band.

At 12:00 ET–1 on October 23, 2025, Enjin Coin/Tether (ENJUSDT) opened at 0.04422 and reached a high of 0.04478 before closing at 0.04407 at 12:00 ET on October 24. Over the 24-hour period, the price traded between 0.0434 and 0.04478, with a total notional volume of 12,241,789.7 and a total turnover of 535,168.2 USDT. The pair showed a bearish bias, especially after 19:00 ET on October 23, when selling pressure intensified.

Structure & Formations

The 15-minute OHLCV data reveal a bearish structure with several key support and resistance levels. Notable support was identified at 0.0435–0.0440, where the price found repeated buying interest. Resistance emerged around 0.0445–0.0450, especially after a sharp rebound on October 24 early morning. A bearish engulfing pattern formed during the 03:00–03:15 ET hour on October 24, signaling a shift in momentum to the downside. A small doji at 06:45 ET further reinforced a potential reversal or consolidation phase.

Moving Averages

Using the 20 and 50-period moving averages on the 15-minute chart, ENJUSDT appears to have spent much of the session below both averages, indicating bearish control. The 50-period MA acted as a short-term ceiling, and the price failed to close above it after multiple attempts. On the daily chart, the 50, 100, and 200-period MAs are not explicitly visible without daily data, but the 24-hour trend appears to be bearish with a potential for continuation.

MACD & RSI

The MACD line remained negative throughout the 24-hour session, confirming bearish momentum. A bearish crossover occurred early on October 24, aligning with the observed price drop. The RSI oscillated between overbought and neutral territory but never entered overbought territory (above 70), indicating a lack of strong bullish conviction. The RSI moved into oversold territory briefly around 21:00 ET on October 23, suggesting potential for a rebound—though it failed to materialize.

Bollinger Bands

The Bollinger Bands showed moderate volatility throughout the session, with the upper band fluctuating between 0.0445 and 0.0450, and the lower band hovering around 0.0434–0.0437. The price spent most of the session within the bands, with a few instances of touching the upper band before retreating. The narrowest contraction occurred around 01:00–01:30 ET on October 24, signaling a potential breakout attempt, which was not successful.

Volume & Turnover

Volume surged during the bearish phase from 19:00 to 23:00 ET on October 23, with the largest spike occurring at 23:00 ET when 139,531.6 units were traded. Turnover also increased during this period, confirming the bearish price action. A divergence between price and volume was observed between 03:00 and 04:00 ET on October 24, where the price fell but volume dropped, suggesting weakening bearish momentum or a potential reversal.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 0.0442 to 0.04478, key levels were observed at 0.04457 (38.2%), 0.04444 (50%), and 0.04431 (61.8%). The price tested the 61.8% level before declining further, indicating bearish pressure. On the daily chart, Fibonacci levels from the broader October 23–24 range also showed critical levels at 0.0440–0.0445, where the price is likely to find support or resistance in the near term.

Backtest Hypothesis

To build a backtest strategy based on the observed price patterns, particularly the bearish engulfing and doji formations, we would need access to the ENJ/USDT price data in the correct ticker format. The initial attempt to pull hammer-pattern signals failed due to a potential ticker mismatch. For accurate execution, we recommend confirming whether the symbol “ENJUSDT” is correct in the data source or providing an alternative ticker format (e.g., ENJ-USDT or ENJUSDT-251024) that matches the data vendor's expectations. Once we have the correct symbol or manually defined signal dates, we can proceed with a 3-day-hold backtest to evaluate the effectiveness of this strategy.