Market Overview for Ethena/BNB (ENABNB) - 24-Hour Summary

• Ethena/BNB (ENABNB) declined by 1.86% over the last 24 hours, closing near intraday lows.
• Price formed bearish reversal patterns in the late New York session, with high volume confirmation.
• RSI entered oversold territory, but bullish divergence was not observed, suggesting possible bearish continuation.
• Bollinger Bands show moderate volatility, with price near the lower band.
• Turnover spiked during key breakdowns, confirming bearish momentum.

Ethena/BNB (ENABNB) opened at 0.000724 on 2025-09-17 at 16:00 ET, reached a high of 0.0007484, dipped to a low of 0.0007082, and closed at 0.0007082 at 05:15 ET on 2025-09-18. The total volume over the past 24 hours was 199,468.27 units, with a notional turnover of $143.24 (based on closing prices).

Structure and candlestick patterns suggest a bearish shift in sentiment after 20:00 ET, with a strong bearish engulfing pattern forming during the 20:30–20:45 ET window. A key support level appears to have formed around 0.0007107, where the price briefly bounced but failed to reclaim higher ground. A doji formed near this level, suggesting indecision.

Moving averages on the 15-minute chart show the price below the 20- and 50-period lines, reinforcing the bearish momentum. The 50-period MA crossed below the 20-period MA, indicating a potential short-term bearish crossover. On daily charts, price remains below the 50-, 100-, and 200-day MAs, confirming a broader downtrend.

MACD turned negative in the late NY session, with bearish divergence visible from the earlier highs. RSI entered oversold territory around 27, but no bullish divergence has formed yet—suggesting further downside is possible. Bollinger Bands show moderate volatility, with the price currently near the lower band. This suggests a potential bounce is possible, but bearish continuation remains a risk.

Backtest Hypothesis

The described backtesting strategy could be integrated by analyzing the bearish engulfing and doji patterns near key support. A short entry triggered by a close below the 0.0007107 level, with a stop just above the 0.0007145–0.0007152 range, and a target at the 0.000704–0.000705 level, would align with the observed price behavior. The strategy would benefit from MACD and RSI confirmation of bearish momentum, especially in the oversold zone without bullish divergence. Testing this approach on historical 15-minute data would reveal its robustness across different volatility environments and confirm its effectiveness in this specific market condition.