Market Overview for Enjin Coin/Tether (ENJUSDT) – September 19, 2025

• ENJUSDT traded in a consolidating range with a bearish close, pressured by late-session selling.
• RSI and MACD indicate weakening momentum, with RSI near oversold territory.
• Key support at 0.0696–0.0698 and resistance at 0.0702–0.0705 are critical for near-term direction.
• Volatility expanded in the overnight session, with a large bearish candle at 03:45 ET.
• Volume spiked during the selloff, confirming bearish sentiment.

At 12:00 ET on September 19, 2025, ENJUSDT opened at 0.0717, hit a high of 0.0734, and closed at 0.0700 after a low of 0.0690. Total volume for the 24-hour period was 7,710,435.4, with a notional turnover of approximately $545,726. The pair traded in a tight range for most of the day before a sharp decline in the overnight session.

Structure and key levels revealed a bearish bias, especially from the late night into the early morning. A bearish engulfing pattern formed around 03:45 ET, confirming a breakout below 0.0712. A large doji appeared at 05:45 ET, signaling indecision near the 0.0712 support. Critical support levels are at 0.0696–0.0698 and 0.0691–0.0693, while key resistance lies at 0.0702–0.0705 and 0.0708–0.0710. A breakout above 0.0712 may signal a potential recovery.

The 20-period and 50-period moving averages on the 15-minute chart both remained bearish, confirming the downward trend. Bollinger Bands expanded overnight, reflecting increased volatility, with price closing near the lower band at 0.0700. RSI dipped into oversold territory below 30, suggesting possible short-term support, though divergence with price remains a concern. MACD lines crossed below zero and remained negative, with bearish momentum intact.

Volume surged during the selloff in the early morning, especially around the 03:45 and 04:15 ET candles, confirming the bearish bias. Notional turnover increased significantly in line with the price decline, indicating strong participation from bears. Fibonacci retracement levels from the 0.0727–0.0690 swing suggest 0.0702 (38.2%) and 0.0696 (61.8%) as key areas for possible bounces or further declines.

The bearish move appears to have momentum, particularly if the 0.0696–0.0698 level holds. A failure to retest these levels could signal a deeper correction toward 0.0690. However, a sharp rebound above 0.0702–0.0705 would suggest a short-term reversal is in play. Investors should closely monitor volume and order flow at key support/resistance clusters.

Backtest Hypothesis
The backtesting strategy involves entering short positions at the open of the 15-minute candle that breaks below a key Fibonacci retracement level (e.g., 61.8%) with confirmation from a bearish candlestick pattern and RSI near oversold levels. A stop-loss is placed above the nearest resistance level, and the target is set at the next Fibonacci level down. This approach aligns with the observed price action on ENJUSDT, particularly the 03:45 ET candle, which met all criteria. Backtesting this method over the last 30 days on similar setups could provide insight into its effectiveness in a low-volatility, range-bound environment.