Market Overview for Enzyme/Tether (MLNUSDT) – 2025-10-03

• Price opened at $7.92 and closed at $8.06 with a high of $8.13 and a low of $7.90 over the last 24 hours.
• A strong bullish breakout occurred near $8.13, followed by consolidation and a pullback into a key support area near $7.95.
• Volume was heaviest during the bullish thrust and subsequent pullback, showing confirmation of momentum shifts.
• RSI signaled overbought conditions near $8.13, while MACD showed a bearish crossover post-breakout.
• Price remains within a 15-minute Bollinger Band contraction, with volatility expected to rise following the breakout.

Enzyme/Tether (MLNUSDT) opened at $7.92 on 2025-10-02 at 12:00 ET and closed at $8.06 on 2025-10-03 at 12:00 ET, reaching a high of $8.13 and a low of $7.90 during the 24-hour period. The pair saw a total volume of 64,869.614 units and a notional turnover of $526,425.75. The session was marked by a strong move to $8.13, followed by a pullback into key support levels.

Structure & Formations

The price formed a bullish breakout candle at $8.13, characterized by a long upper wick and strong close. A bearish engulfing pattern emerged shortly after at $8.09–$8.11, indicating potential exhaustion in the upward move. A key support level emerged at $7.95–$7.97, where the price consolidated multiple times, suggesting strong psychological and order block levels. A bullish harami appeared in the morning session, indicating indecision before a potential reversal.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed positively at $8.00–$8.04 during the early bullish push, confirming the strength of the breakout. However, the 50-period line later crossed bearishly below the 20-period line at $8.09–$8.11, signaling a potential reversal. On the daily chart, the 50-period MA sits near $8.00 and appears to act as a support, while the 200-period MA at $7.97 aligns with the key consolidation zone.

MACD & RSI

The MACD histogram peaked during the bullish breakout at $8.13, but a bearish crossover occurred shortly after, indicating a shift in momentum. The RSI briefly exceeded 70 during the high at $8.13, confirming overbought conditions, and later pulled back into neutral territory at 50–55 during consolidation. A bearish divergence appeared on the RSI relative to price, suggesting potential weakness ahead.

Bollinger Bands

Price action remained within a tight Bollinger Band contraction between $7.95–$8.05 for much of the day, particularly during the early morning and afternoon hours. The breakout to $8.13 marked a strong expansion, with the upper band now at $8.15. Price currently sits below the upper band but has pulled back into the mid-band, indicating reduced volatility and a potential retest of the breakout level.

Volume & Turnover

Volume surged during the bullish breakout at $8.13, confirming the strength of the move. However, volume waned during the consolidation phase, suggesting limited follow-through. Notional turnover spiked at $8.13–$8.09, then declined sharply as the price retreated. A divergence between price and volume was observed during the late session, indicating weakening conviction in the bullish trend.

Fibonacci Retracements

Key Fibonacci levels from the $7.90–$8.13 swing include 38.2% at $8.03 and 61.8% at $8.07. The price retraced to $8.03–$8.05 multiple times during the consolidation phase, suggesting a potential continuation of the upward trend from these levels. The 61.8% level aligns with the 50-period MA, reinforcing its significance as a potential support/resistance cluster.

Backtest Hypothesis

The backtesting strategy involves entering a long position when the 20-period MA crosses above the 50-period MA on the 15-minute chart, with a stop-loss placed below the nearest Fibonacci support level and a take-profit target set at the next Fibonacci resistance. During the 2025-10-02–03 period, this signal was triggered during the bullish breakout at $8.13, aligning with a strong volume surge and RSI overbought condition. However, the subsequent bearish divergence in RSI and MACD, combined with declining volume, suggests that this signal may have a higher probability of failure in the near term, warranting caution or a trailing stop strategy for risk mitigation.