Enzyme/Tether (MLNUSDT) Market Overview for 2025-09-19

• MLNUSDT opened at $8.22, peaked at $8.28, and closed near $7.98 after a sharp 24-hour decline.
• Key support formed at $7.94–$7.98, while resistance levels at $8.15 and $8.25 were repeatedly tested.
• Volatility spiked during a 15-minute drop from $8.25 to $8.19, but failed to confirm sustained momentum.
• RSI and MACD both signaled overextended bearish momentum, with RSI hitting sub-30 levels.
• Volume surged during the late-night sell-off, but buying pressure failed to materialize post-breakdown.

24-Hour Price Summary

Enzyme/Tether (MLNUSDT) opened at $8.22 on 2025-09-18 at 12:00 ET, reached a high of $8.28, fell to a low of $7.94, and closed at $7.98 by 12:00 ET on 2025-09-19. Over the past 24 hours, the pair traded on a total volume of 38,935.103 units with a notional turnover of $306,647.54.

Structure & Formations

Price action over the past 24 hours showed a bearish breakdown from a consolidation range between $8.20 and $8.25. A key bearish engulfing pattern formed on the candle ending 2025-09-18 22:30, signaling a potential reversal in bullish momentum. A large bearish candle with a long upper shadow around 2025-09-19 00:00 marked the start of the prolonged decline. Support appears to be forming near $7.94, where price has bounced twice in the final hours.

Moving Averages

Short-term momentum has been bearish, with the 20-period and 50-period moving averages on the 15-minute chart trending downward, confirming the bearish bias. On the daily chart, the 50- and 200-period EMAs have crossed to the bearish side, suggesting further downside potential in the near term if support levels break.

MACD & RSI

The MACD line turned sharply negative and remained well below the signal line, confirming bearish momentum. RSI dipped below 30, indicating overbought bearish conditions, and failed to show any signs of a reversal. Price and momentum appear aligned, suggesting continuation of the downward trend unless a strong bullish reversal occurs.

Bollinger Bands

Volatility expanded significantly during the early morning sell-off, pushing price well below the lower Bollinger Band. This expansion suggests heightened selling pressure, with price now testing the lower band at $7.94. The contraction observed earlier in the session (between 2025-09-18 16:00 and 19:00) may have been a prelude to the later expansion.

Volume & Turnover

Volume spiked during the critical breakdown phase between 2025-09-18 22:30 and 2025-09-19 00:00, confirming the move lower. However, turnover did not follow suit with a proportional increase in buying volume, indicating weak follow-through. The lack of buying pressure after the breakdown suggests that the move lower may be driven by profit-taking or short-term positioning rather than fundamental weakness.

Fibonacci Retracements

Applying Fibonacci retracement to the recent 15-minute swing from $8.25 to $7.94 shows key levels at 38.2% ($8.09), 50% ($8.09), and 61.8% ($8.11). Price is currently testing the 38.2% level at $8.09, which may offer a near-term floor. A break below 61.8% could signal a retest of the $7.94 level, which has acted as a prior support.

Backtest Hypothesis

The observed Fibonacci retracement levels, along with the bearish engulfing pattern and bearish divergences in RSI, suggest a potential sell strategy when price breaks below the 61.8% retracement level at $8.11 with confirmation via volume expansion. A stop-loss can be placed above the nearest resistance at $8.15, with a target extending to the next Fibonacci level at $7.94. This setup could be backtested using the 15-minute timeframe and validated for risk-reward ratios over a larger historical dataset.