Enzyme/Tether Market Overview: 24-Hour Action and Key Levels

• Enzyme/Tether (MLNUSDT) traded in a 24-hour range of $7.65–$7.88 with a final close near $7.87.
• Momentum surged into the late evening, with RSI hitting overbought levels and a bullish move from the 15-minute timeframe.
• Volatility increased as the price moved above key 20-period SMAs, with volume and turnover rising significantly in the final 6 hours.
• A bullish engulfing pattern emerged at $7.84–$7.87, suggesting a potential short-term reversal.
• Bollinger Bands expanded late into the session, signaling increased market activity and potential continuation.

Enzyme/Tether (MLNUSDT) opened at $7.72 on 2025-09-15 12:00 ET and advanced to a high of $7.88 by 09:45 ET on 2025-09-16. The 24-hour session saw the pair trade between $7.65 and $7.88, closing at $7.87. Total volume amounted to 38,702.406 units, with a notional turnover of approximately $301,796 (based on trade amounts). The session exhibited notable bullish momentum, especially in the last 6 hours.

Structure & Formations

The 15-minute chart showed several key levels of support and resistance during the session. A critical support level was identified around $7.74–$7.76, where the price found buyers multiple times. Resistance emerged strongly in the $7.84–$7.87 range, where a bullish engulfing pattern formed. A doji candle appeared near the close, indicating indecision at the top of the current range. The 20-period SMA crossed above the 50-period SMA during the bullish phase, reinforcing the uptrend.

Moving Averages

On the 15-minute chart, the 20-period SMA crossed above the 50-period SMA late in the session, forming a golden cross pattern that historically has been associated with bullish momentum. On the daily chart, the 50-period SMA currently sits at $7.81, slightly below the 200-period SMA of $7.75, indicating a potential consolidation period. The price closed above the 50-period SMA, which could be a short-term signal for continuation of the trend.

MACD & RSI

The MACD line moved into positive territory as bullish momentum intensified in the late hours, with the histogram showing increasing divergence, supporting the idea of a potential continuation. The RSI reached overbought territory (above 70) near the close, suggesting that a pullback or consolidation could follow. However, the strength of the move suggests that overbought readings may not necessarily lead to an immediate reversal.

Backtest Hypothesis

The described backtesting strategy involves entering a long position when the 20-period SMA crosses above the 50-period SMA on the 15-minute chart and the price forms a bullish engulfing pattern. This was observed in the final hours of the session, suggesting a potential entry point. The stop-loss would be placed below the previous support at $7.74–$7.76, and a take-profit target would align with the upper Bollinger Band at around $7.88–$7.91. Given the current positioning of the RSI and the MACD, the trade could align with the observed momentum, although caution is advised as overbought levels may not always lead to sustainable trends.

Bollinger Bands

Volatility expanded significantly during the bullish phase of the session, with the upper Bollinger Band reaching $7.88 and the lower band at $7.74. The price spent the final hours near the upper band, indicating high volatility and potential exhaustion of the current move. A contraction may follow, but until then, the price could remain in a bullish range, especially if volume remains strong.

Volume & Turnover

Volume spiked in the last 6 hours, with a total of 18,253.406 units traded during that period, compared to only 20,449.000 units in the first half of the 24-hour window. The notional turnover followed a similar pattern, with a significant increase as the price moved higher. The alignment of higher prices and increased volume suggests a strong conviction in the current trend, but the doji at the close raises questions about the strength of the position.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from $7.68 to $7.88 showed key levels at $7.78 (38.2%), $7.83 (50%), and $7.86 (61.8%). The price found support and resistance at these levels multiple times during the session, particularly at the 50% and 61.8% levels, where the price stalled and reversed. The 61.8% retracement level at $7.86 appears to be a critical area to monitor for potential continuation or reversal.

Looking ahead, the next 24 hours could see a test of the $7.88 resistance level, with a potential pullback into the $7.74–$7.76 range if the RSI overbought condition triggers a correction. Traders should watch for a breakout or breakdown of these levels, with volume and momentum indicators offering confirmation or divergence. As always, market sentiment and broader crypto indices could influence this pair.