Enzyme/Tether (MLNUSDT) Market Overview: October 5, 2025

• Price action for MLNUSDT shows a bullish reversal after a pullback below $7.90
• Momentum picked up in morning ET as RSI moved out of oversold territory
• Volume surged during key support breakouts and consolidation above $7.90
• Bollinger Bands show reduced volatility before a breakout attempt
• A large bullish engulfing pattern confirmed at $7.90 as immediate support

Enzyme/Tether (MLNUSDT) opened at $7.78 on October 4 at 12:00 ET and rose to a high of $8.05 before closing at $7.94 at 12:00 ET today. Total 24-hour volume was 56,687.92, with total turnover amounting to $441,479.80. Price action over the past day displayed a clear bullish bias following a retest of key support levels.

The 15-minute OHLCV data reveals a strong bullish engulfing pattern forming at $7.90 and a notable doji at $7.89, indicating indecision near that level. The price found strong support at $7.88–$7.89, bouncing off that area with increased volume and closing above the key resistance of $7.90. On the daily chart, the 50-period MA is above the 200-period MA, suggesting a continuation of the bullish trend. The 50-period MA is currently at $7.89, with the 20-period MA at $7.92, reinforcing the short-term bullish momentum.

MACD and RSI

The MACD histogram has turned positive and shown strength after a bearish divergence earlier in the session, indicating a potential shift in momentum. The RSI, having dipped into the 30–40 oversold range, has rebounded to 58, signaling that the market has absorbed the selling pressure and is building upward energy. These indicators may indicate a favorable setup for a short-term rally.

Bollinger Bands and Fibonacci Levels

The price has been trading within the upper band of the Bollinger Bands after a period of consolidation, suggesting increased volatility and possible continuation of the rally. A 61.8% Fibonacci retracement level is currently near $7.88, coinciding with the strong support area identified in the candlestick patterns. The price may test the 78.6% retracement level at $7.95 next, which could either act as resistance or a trigger for a deeper pullback if not breached.

Volume and Turnover Analysis

Volume has been a reliable indicator of strength over the past 24 hours, with a sharp increase observed during the key support breakout at $7.88–$7.89 and again at $7.90. Notional turnover increased in tandem, confirming price action rather than contradicting it. There were no major divergence signals, suggesting the current momentum is well-supported by on-chain activity. Investors should monitor for a drop in volume as a potential bearish signal.

Backtest Hypothesis

A potential backtest strategy could involve entering long positions on a bullish engulfing pattern confirmed by increased volume and a RSI above 50. Stops could be placed just below the recent support at $7.88–$7.89, with targets aligned with the 61.8% Fibonacci level at $7.95 and the upper Bollinger Band. This approach would leverage key confluence levels and momentum indicators to filter out weaker signals.

Looking ahead, the next 24 hours could see MLNUSDT testing $7.95–$7.97 as a key psychological hurdle. A break above this level could attract further buyers, while a retest of $7.88–$7.89 may offer a second chance for long entries. However, traders should remain cautious of potential volatility, especially as the market has been consolidating after a sharp move higher.