Market Overview for OpenEden/BNB (EDENBNB) – 2025-11-07

Summary
• OpenEden/BNB opened at $0.0001141 and reached a high of $0.000119.
• A sharp bearish reversal occurred from $0.000119 to $0.0001118.
• Volume spiked on key breakouts and reversals, confirming momentum shifts.
• Price remains volatile with support at $0.0001118 and resistance at $0.000119.

OpenEden/BNB (EDENBNB) opened at $0.0001141 on 2025-11-06 at 12:00 ET and closed at $0.0001148 by 12:00 ET on 2025-11-07. The 24-hour high was $0.000119 and the low was $0.0001118. Total trading volume amounted to approximately 10,700.0 units, with total turnover reaching around $1.25.

Structure & Formations

Price opened in consolidation at $0.0001141 but broke higher with a strong bullish candle at $0.0001146. A key bearish reversal occurred at $0.0001118, forming a large bearish candle that engulfed the previous bullish momentum. The price action suggests a weakening in the short-term bullish trend and the potential for a retracement toward earlier supports. A doji near $0.0001118 may indicate indecision at the lower end.

Moving Averages

On the 15-minute chart, the 20-EMA and 50-EMA are closely aligned near $0.0001144, suggesting a balanced market. On the daily chart, price has crossed below the 50-day MA, a bearish signal that could lead to further retracements. The 200-day MA remains well above current levels, indicating medium-term bearish bias.

MACD & RSI

The MACD line turned negative during the bearish leg and is now showing bearish divergence with price. RSI dropped below 30, suggesting oversold conditions at $0.0001118, but a potential rebound may be limited without confirmation. Momentum appears to be slowing after the sharp pullback, raising the possibility of a short-term bounce.

Bollinger Bands

Price broke above the upper Bollinger Band during the initial bullish phase but then collapsed back below the lower band near $0.0001118. The recent consolidation around the lower band indicates high volatility and potential for a re-test of key resistance levels.

Volume & Turnover

Volume spiked during the bearish reversal and breakout above $0.0001146, confirming the strength of the bearish shift. Turnover remained aligned with volume, showing no signs of divergence. The lack of volume during consolidation periods suggests low conviction in either direction.

Fibonacci Retracements

Applying Fibonacci retracements to the 15-minute move from $0.0001118 to $0.000119, price now sits near the 38.2% retracement at $0.0001139. A break above this level could test the 50% retracement at $0.0001144, while a further decline may find support at the 61.8% retracement near $0.0001130.

Backtest Hypothesis

The backtesting strategy focuses on identifying and acting on Bearish Engulfing candlestick patterns, typically used to signal potential short-term reversals. In the context of OpenEden/BNB, the sharp bearish candle that engulfed the prior bullish move from $0.0001146 to $0.0001118 could qualify as a candidate for such a pattern. A backtest would involve entering short positions at the close of the engulfing candle and holding for up to three days. Given the high volume and confirmed reversal, this pattern appears to have strong short-term validity. However, the success of the strategy heavily depends on accurately identifying the pattern and managing risk accordingly.