Market Overview for OpenEden/BNB (EDENBNB)

• Price declined from 0.0001154 to 0.0001135, amid a 24-hour low of 0.0001001.
• Strong volume spikes occurred during key price swings, notably around 0.0001139 and 0.0001154.
• RSI suggests oversold conditions toward the 24-hour low, with MACD showing weak bullish momentum.

The OpenEden/BNB (EDENBNB) pair opened at 0.0001115 on 2025-11-04 at 12:00 ET, touched a high of 0.0001154 and a low of 0.0001001, and closed at 0.0001135 on 2025-11-05 at 12:00 ET. The 24-hour volume was approximately 37,157.8 units, with a total notional turnover of roughly 4.06 BNB.

Over the past day, the price exhibited a volatile range bound between 0.0001001 and 0.0001154, forming a bearish bias as it settled below the mid-range of the 24-hour swing. A notable bearish reversal appeared at 0.0001139, where the price opened higher but closed lower, forming a potential bearish engulfing pattern. This may signal exhaustion in the upward leg and possible continuation of the downward trend.

Structure & Formations

Key support levels emerged near 0.0001001, 0.000106, and 0.0001085, with resistance seen at 0.0001126 and 0.0001154. The bearish engulfing pattern at 0.0001139 is a potential early sign of a trend reversal, while the doji at 0.0001139 and 0.0001135 indicate indecision. These formations suggest traders should watch for a break below 0.0001085 or a retest of 0.0001154 for further direction.

Moving Averages

The 20-period and 50-period SMAs on the 15-minute chart remained below the current price, indicating a short-term bearish tilt. On the daily chart, the price closed below the 50, 100, and 200-day SMAs, reinforcing a bearish bias. A cross above the 20- or 50-period SMA could trigger short-covering or a pullback, but a sustained close below all three may suggest further deterioration.

MACD & RSI

The MACD line crossed below the signal line during the downward leg and remained in negative territory, confirming bearish momentum. The RSI reached 28 near the low, indicating oversold conditions, though it has since recovered to the 50–55 range. This suggests a potential bounce, but without a strong break above 0.0001154, the pair may remain range-bound or continue lower.

Bollinger Bands

Price action spent much of the day outside the upper band before retracing toward the middle band. A contraction occurred briefly around 0.0001126 before a sharp drop to 0.0001001 expanded the bands. The current price is near the middle band, suggesting a potential consolidation phase. A break below the lower band may reinforce a bearish outlook.

Volume & Turnover

Volume spiked at 2,166.3 units during a rally to 0.0001154 and at 5,977.8 units during a consolidation at 0.0001139. These volume surges confirm the price movements, while the lack of volume during the drop to 0.0001001 suggests a lack of conviction in the bearish move. Notional turnover also peaked during these swings, aligning with price action and confirming the strength of the key levels.

Fibonacci Retracements

Applying Fibonacci to the 0.0001154–0.0001001 swing, the 0.382 retracement level sits at 0.0001097 and the 0.618 level at 0.0001127. The price has recently tested these levels, with 0.0001126 being a key area of interest. A close below 0.0001097 may target the next support at 0.000106, while a retest of 0.0001139 could trigger further selling.

Backtest Hypothesis

The bearish engulfing pattern observed at 0.0001139 could serve as the trigger for a backtesting strategy focused on short-term bearish bias. A 1-day-holding backtest using the exact dates of such patterns could help validate the potential profitability of entering short positions on this pair. To proceed, we need confirmation of the correct ticker (EDENBNB) or a list of historical bearish engulfing dates. This will ensure the backtest aligns with the actual data and provides actionable insights for future decision-making.