Market Overview for Enzyme/Tether (MLNUSDT) on 2025-10-04

• Enzyme/Tether (MLNUSDT) dropped from $8.16 to $7.94 over 24 hours amid volatile price swings and mixed volume dynamics.
• A bearish breakout below the 20-period MA on the 15-minute chart signaled short-term bearish momentum.
• RSI hit oversold territory at 28, suggesting potential near-term buying interest but remains below the 30 threshold.
• Bollinger Bands widened as volatility surged, with price fluctuating within the band range from $7.94 to $8.14.
• Volume peaked at 8,001.062 at 17:45 ET, aligning with a sharp bearish reversal candle from $8.14 to $8.00.

At 12:00 ET on 2025-10-04, Enzyme/Tether (MLNUSDT) traded at $7.94, down from an open of $8.04 at 12:00 ET on 2025-10-03. The 24-hour high was $8.16, while the low was $7.94. Total volume reached 10,172.869, with a notional turnover of approximately $80,832. The price action displayed a choppy bearish trend following a failed bullish attempt near $8.16.

Structure & Formations

Price formed a key bearish reversal candle at 17:45 ET, dropping from $8.14 to $8.00, with a long upper wick and bearish close. A doji at 21:30 ET (8.04) confirmed indecision near $8.03. A key support level emerged at $7.94—tested twice—with a potential resistance at $8.04. A bearish engulfing pattern at 17:45 ET signaled a strong downward shift in sentiment. The price action suggests that $7.94 may consolidate as a short-term support, with a likely retest of $7.92 expected if the bearish momentum continues.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed below $8.07 and $8.09, respectively, reinforcing bearish bias. The 50-period MA acted as a key resistance, with price failing to cross above it after 18:00 ET. On the daily chart, the 50/100/200-period moving averages were not provided, but the 15-minute crossover indicated a clear bearish signal for short-term traders.

MACD & RSI

The 15-minute MACD crossed below the signal line at around 18:00 ET, indicating bearish momentum. RSI fell to 28, hitting oversold levels, suggesting a potential bounce near $7.94–$7.96. However, RSI failed to break above 30, signaling that bearish pressure remains strong. The divergence between price and RSI suggests that while a rebound is possible, it may not lead to a full reversal unless RSI breaks above 35 with increasing volume.

Bollinger Bands

Bollinger Bands widened significantly during the 15-minute session, with volatility reaching a 24-hour peak. Price touched the upper band at $8.14 at 16:45 ET before falling below the lower band at $7.94 by 17:45 ET. This wide range suggested high uncertainty in sentiment, with traders likely reacting to broader market conditions or news flow. The price remained within the band range, indicating that a breakout may require a catalyst beyond typical volatility.

Volume & Turnover

Volume peaked at 8,001.062 at 17:45 ET, coinciding with a sharp bearish candle from $8.14 to $8.00. This suggests strong bearish conviction at that time. Turnover followed volume closely, with a 24-hour high of $6,751 at the same time. The divergence between price and turnover occurred briefly in the early hours of 00:00–02:00 ET, where volume dropped despite continued downward movement. This may signal waning conviction in the bearish trend and potential near-term stabilizing behavior.

Fibonacci Retracements

Fibonacci retracement levels were drawn from the swing high at $8.16 to the swing low at $7.94. The 38.2% retracement level at $8.03 was tested twice but failed to hold, with price bouncing back to $7.99–$7.94. The 61.8% level at $8.07 acted as a minor resistance and failed to prevent a further bearish move. A potential bounce may occur near $7.99 (23.6% level) or $8.03, depending on whether volume confirms or diverges from price.

Backtest Hypothesis

A potential backtesting strategy could involve shorting the pair when the 15-minute MACD crosses below its signal line and the RSI falls below 30, with a stop-loss placed just above the most recent swing high. A take-profit target could be set at the 61.8% Fibonacci retracement level of the preceding bullish move, or alternatively, a 1:2 risk-reward ratio could be used. This strategy aligns well with today’s bearish confirmation of both MACD and RSI signals and would have been activated at around 17:45 ET, with a target near $7.92 and a stop-loss above $8.03. The high volume at this time provides confidence in the trade setup.