Enzyme/Tether (MLNUSDT) 24-Hour Market Overview

• Price declined from a 24-hour high of $6.72 to close near $6.66 amid bearish momentum.
• RSI and MACD signals point to a possible oversold condition near $6.60, with a rebound attempted.
• Volatility expanded in the morning before a contraction, suggesting a possible short-term consolidation phase.
• Volume remained relatively subdued during the decline, with a notable spike during the $6.65–$6.69 range.
• Key support appears to be forming around $6.60–$6.63, with resistance ahead at $6.70–$6.74.

Market Snapshot

Enzyme/Tether (MLNUSDT) opened at $6.70 on 2025-11-01 at 12:00 ET - 1 and closed at $6.66 by the same time the next day, with a high of $6.72 and a low of $6.47. The 24-hour total volume traded amounted to approximately 352,947.99 units, with a notional turnover of roughly $2,343,317. The price action showed a bearish bias, especially after the early morning rebound from $6.60–$6.63, followed by a consolidation attempt above this level.

Structure & Formations

The 15-minute chart displayed a series of bearish engulfing patterns around the $6.70–$6.66 range, indicating a shift in momentum from buyers to sellers. A small bearish doji formed near $6.63, suggesting indecision in the market. Key support levels appear at $6.60–$6.63, while resistance is forming between $6.69–$6.74. A potential triple-top formation was observed during the morning hours as prices struggled to break above $6.69. The price may find a temporary floor at the $6.59 level, which could be the next immediate support if the $6.63 level breaks.

Moving Averages and Volatility

A 20-period moving average on the 15-minute chart crossed below the 50-period MA in the early morning, signaling a bearish crossover. The 50-period MA at around $6.68 may act as a short-term resistance level. Volatility increased in the morning hours, with a notable expansion in Bollinger Bands as the price moved from $6.47 to $6.72. A contraction followed in the afternoon, suggesting a possible pause in momentum. Prices remained inside the upper Bollinger Band for a short time before retracing toward the middle band. The 61.8% Fibonacci retracement from the morning high to low resides near $6.61, which coincides with a key support level.

Momentum and Divergence

MACD turned negative in the morning, confirming a bearish shift in momentum. The RSI dipped to oversold territory near $6.60–$6.63, suggesting the possibility of a short-term rebound. However, a divergence between price and RSI in the morning suggests that the bearish trend could continue. A recovery above $6.69 could see a retest of the 61.8% Fibonacci level at $6.65, with the 38.2% level at $6.68 offering a near-term target for a potential rally. A breakdown below $6.63 could see the price test the next support at $6.58, with a high probability of a further decline to $6.55–$6.50.

Volume and Turnover Signals

Volume activity was concentrated during the morning hours, with a sharp spike as prices moved between $6.69 and $6.65. A divergence between price and volume was observed in the afternoon, where price continued to decline while volume remained low, suggesting a possible exhaustion of the bearish move. The highest volume occurred between 10:15–10:45 AM ET, coinciding with a significant price swing. A sharp increase in turnover during this period indicated increased participation and possibly a key decision point for traders. If the price consolidates above $6.63, it could signal bullish intent; a breakdown below this level with high volume may confirm a short-term bearish bias.

Backtest Hypothesis

To assess the historical viability of an RSI-based strategy for MLNUSDT, a 14-period RSI series would be ideal for identifying overbought (>70) and oversold (<30) conditions. Given the current data limitation, a successful backtest requires either an alternative symbol format (e.g., BINANCE:MLNUSDT), an exchange specification, or an alternative data source such as a CSV/JSON file of daily OHLCV data for MLNUSDT from 2022-01-01 to 2025-11-01. With this data, the strategy could test a buy signal at RSI < 30 and a sell signal at RSI > 70, adjusted for stop-loss and take-profit levels. This could provide insights into whether the RSI could have served as a reliable entry/exit trigger for MLNUSDT over the past three years.