Market Overview for ENJUSDT (2025-09-23 12:00 ET)

• ENJUSDT opened at 0.0622 and closed at 0.0631, gaining 1.44% against Tether.
• Price formed a bullish ascending triangle near 0.0615–0.0629 with a breakout above 0.063.
• Momentum improved as RSI and MACD showed upward divergence and positive crossover.
• Volatility increased in late ET, with Bollinger Bands widening and price near the upper band.
• High turnover in late ET suggests increased market participation and potential trend continuation.

Enjin Coin/Tether (ENJUSDT) opened at 0.0622 on 2025-09-22 12:00 ET, reached a high of 0.0636, and closed at 0.0631 on 2025-09-23 12:00 ET. Total volume was 25,307,870 ENJ, and notional turnover was $1,589,615 over the 24-hour period.

The 24-hour candlestick pattern showed a bullish bias, with ENJUSDT breaking above a key resistance cluster near 0.0629. A small bullish engulfing pattern formed on the 15-minute chart around 09:45–10:00 ET, which preceded a sustained rally. Key support levels appear to be at 0.0615–0.0618, while resistance is currently consolidating around 0.0632–0.0635.

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Price found strong support at 0.0615 earlier in the session and rallied through the 0.0629–0.0631 range with positive momentum. The 20-period and 50-period SMAs on the 15-minute chart have been bullish, supporting the upward move. A clear break above 0.0634 could trigger a 61.8% Fibonacci extension near 0.0638. Meanwhile, a pullback to the 38.2% level at 0.0630 would test the strength of the recent rally.

Relative Strength Index (RSI) crossed above 50 and approached the 60–65 overbought range late ET, signaling strengthening momentum. The MACD line crossed above the signal line at 07:00 ET, confirming a bullish shift in market sentiment. Bollinger Bands showed a contraction earlier in the day, followed by an expansion aligning with increased volatility and volume.

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The 24-hour volume spiked in the late ET period, peaking at $90,440 at 14:15 ET. This coincided with a sharp rally and breakout above 0.0631. Notional turnover increased from $4,500 to $90,440 during this period, indicating a surge in buying pressure. The volume and price action were aligned, suggesting a strong continuation case rather than a false breakout.

Backtest Hypothesis

The backtest strategy focuses on entering long positions on ENJUSDT when the 20-period and 50-period SMAs cross above key Fibonacci levels (38.2% and 61.8%) and RSI moves into the 50–65 range. A stop-loss is placed below the 20-period SMA or recent swing low. Given the current technical setup—RSI in overbought territory, MACD bullish crossover, and volume confirmation—this strategy could be well-positioned for a short-term trend-following approach. However, a retest of the 0.0630–0.0631 range is expected to validate the breakout.

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