Market Overview: Enjin Coin/Tether (ENJUSDT) – Strong Consolidation and Momentum

• ENJUSDT closed near a 24-hour high, showing steady bullish momentum and consolidation after a strong rally.
• Price remained above key support at 0.0624, with bullish candlestick patterns suggesting potential for a breakout.
• Volume surged significantly during the early morning UTC, confirming price strength and trader interest.
• RSI reached overbought territory, indicating caution may be needed for near-term volatility or pullbacks.
• Bollinger Bands widened as the price expanded its range, reflecting increased volatility and potential trend continuation.

Enjin Coin/Tether (ENJUSDT) opened at 0.0617 on 2025-10-04 at 12:00 ET and closed at 0.0638 at 12:00 ET the next day. The 24-hour high was 0.0650, while the low was 0.0617. Total volume for the period was 13,086,720.00, with a notional turnover of approximately $817,060.20 (calculated as volume × average price). The pair has shown consistent strength, particularly in the early UTC hours, with a clear move above the 0.0625 resistance level.

The structure of the 15-minute chart indicates multiple bullish formations. A bullish engulfing pattern appeared at 0.0625 on 2025-10-05 at 03:00 UTC, followed by a strong upward move. A minor support at 0.0623 was tested and held during a pullback at 0.0625–0.0626. The price has remained above the 20-period and 50-period moving averages on the 15-minute chart, suggesting short-term bullish bias. On the daily chart, the 50-day and 200-day SMAs are still in an uptrend, indicating a longer-term bullish structure. The 100-day MA is also acting as a support, currently near 0.0625.

MACD remains positive with a bullish crossover forming in the morning UTC hours, confirming upward momentum. However, the RSI has entered overbought territory above 70, suggesting a potential pullback or consolidation in the near term. Bollinger Bands have widened significantly as the price expanded, with the current close near the upper band, indicating high volatility and potential for continuation. Price appears to be forming a flag pattern after a sharp move above 0.0635–0.0636. Fibonacci retracement levels from the key swing low at 0.0621 to the high at 0.0650 suggest a potential retest of 0.0638 (61.8% level) before a potential pullback to 0.0635 (38.2% level).

The recent volume profile indicates strong buying pressure, particularly during the 03:00–06:00 UTC period, with notional turnover peaking at over $500,000. Volume increased alongside price, suggesting that the move is backed by conviction. Notably, the final 15-minute candle at 06:45 UTC showed a large volume print with a modest price gain, indicating accumulation. Divergences between volume and price movement were not observed, suggesting continued alignment of momentum and buyer interest. However, caution is warranted as RSI overbought levels may prompt short-term profit-taking.

Backtest Hypothesis

A potential backtest could focus on entering long positions when a bullish engulfing pattern forms and RSI crosses above 50, confirming upward momentum. A stop-loss could be placed below the 0.0625 level, with a target at 0.0640. This setup could be tested using historical 15-minute data over the past 6 months to assess win rate, risk-reward ratio, and maximum drawdown. The hypothesis assumes that the current bullish structure and volume pattern may indicate a continuation rather than a reversal, making it suitable for a directional bias strategy.