Market Overview for ENJUSDT on 2025-09-11

• ENJUSDT opens at 0.0709 and closes at 0.0695 after a bearish 24-hour session.
• Price action shows a sharp sell-off after a brief midday rebound, with bearish momentum amplifying.
• Volume spiked during key breakdown levels, particularly below 0.0705, confirming bearish sentiment.
• RSI and MACD both signaled oversold conditions mid-session, but failed to trigger a reversal.

The Enjin Coin/Tether USDt pair (ENJUSDT) opened at 0.0709 on 2025-09-10 at 12:00 ET and closed at 0.0695 at 12:00 ET the next day. The 24-hour range extended between a high of 0.0716 and a low of 0.0691. Total volume for the session was 19,857,433.3, and notional turnover was approximately 1,399,866 USD, reflecting heightened activity during the midday and afternoon sell-off.

Structure & Formations

The candlestick structure shows a strong bearish bias, particularly after the breakout below the key 0.0705 support level. A large bearish engulfing pattern formed between 0.0712 and 0.0699 during the afternoon, signaling strong distribution pressure. A potential support floor appears at 0.0691–0.0693, with a prior pivot point at 0.0702 acting as a short-term resistance on any attempted rebound.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both bearishly aligned, with price closing well below both. The 200-period daily moving average sits near 0.0702, suggesting a potential short-term floor. The 50-period daily moving average is at 0.0708, which may act as a psychological resistance on a rally.

MACD & RSI

The 15-minute MACD turned bearish and maintained a negative divergence during the afternoon sell-off, confirming weak momentum. RSI dipped into oversold territory at 27, but failed to produce a reversal, hinting at a lack of conviction among buyers. On the daily chart, RSI remains neutral, but bearish divergence is forming as price continues to fall with each new session low.

Bollinger Bands & Volatility

Volatility expanded during the midday sell-off, with the Bollinger Band width widening and price dropping below the 20-period lower band. The expansion confirms increased distribution and uncertainty. Price remains near the lower band on the daily chart, suggesting it is still in a consolidation phase after a larger uptrend.

Volume & Turnover

Volume surged during the breakdown below 0.0705, particularly during the 15-minute candle that closed at 0.0701 and the large bearish engulfing pattern. Turnover also spiked during those periods, confirming the breakdown was not due to low liquidity or manipulation. Price and turnover remained positively correlated during the sell-off, indicating genuine bearish conviction.

Fibonacci Retracements

Key Fibonacci levels for the recent 15-minute swing from 0.0716 to 0.0691 include 61.8% at 0.0699 and 38.2% at 0.0707. The 0.0699 level was briefly tested but failed to hold. On the daily chart, the 61.8% retracement of the previous uptrend sits at 0.0704, where price may find support or resistance in the near term.

Backtest Hypothesis

A backtest strategy based on 15-minute MACD divergence and RSI oversold signals could have captured the bearish trend but would have faced challenges due to the lack of clear reversal at the 0.0702 level. A long-biased strategy would have been at risk of being trapped in a false bounce above 0.0706, highlighting the importance of volume confirmation for any entry. Given the current structure, a short-biased strategy could look for breakdown below 0.0693 with a stop just above 0.0706 for risk management.