Market Overview: Enzyme/Tether (MLNUSDT) 24-Hour Analysis

• MLNUSDT opened at $7.75 and closed at $5.66, with a 24-hour low of $2.73.
• The pair experienced a sharp sell-off mid-day, breaching key support levels.
• Volume surged during the selloff but declined in late trading hours.
• RSI dropped below oversold territory, hinting at possible short-term bounce potential.
• Bollinger Bands widened sharply, indicating increased volatility and uncertainty.

Enzyme/Tether (MLNUSDT) opened at $7.75 on 2025-10-10 at 12:00 ET and closed at $5.66 on 2025-10-11 at 12:00 ET. The pair reached a high of $7.85 and a low of $2.73, with total trading volume amounting to 415,507.06 units and a notional turnover of approximately $1,925,282. The price declined sharply, dropping below key support levels, and has shown signs of consolidation in the final hours.

Structure & Formations

The 24-hour chart displayed a bearish breakout from a descending wedge pattern early on, confirming the downward trend. Notable bearish reversal patterns, such as a dark cloud cover and a bearish engulfing pattern, were observed between 21:15 and 22:00 ET. A large bearish candle with high wick volume (21:30 ET) marked a sharp drop from $7.85 to $5.12. The price has since formed a potential base between $4.46 and $5.60, but remains below the 20-period and 50-period moving averages on the 15-minute chart.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have both been bearish, with the price closing below both lines throughout the session. On the daily chart, the 50-period MA is above the 200-period MA, but the current price of $5.66 is below the 50-period MA, indicating bearish momentum. A crossover above the 50-period MA could signal a short-term reversal, but sustained pressure remains.

MACD & RSI

MACD remained in negative territory throughout the session, with a bearish crossover early on. The histogram showed a gradual contraction after 21:30 ET, suggesting slowing bearish momentum. RSI dropped below 30 mid-session and closed at 31, suggesting the asset is in oversold territory. While this could hint at a short-term bounce, RSI remains weak and has not shown a convincing rebound above 40, indicating cautious sentiment.

Bollinger Bands

Bollinger Bands widened significantly during the mid-session selloff, reflecting heightened volatility. The price touched the lower band multiple times in the late evening and early morning hours, suggesting oversold conditions. However, the rebound attempts have not exceeded the mid-band on a sustained basis, indicating a lack of bullish conviction.

Volume & Turnover
Volume surged during the 21:30–22:30 ET window as the price dropped from $7.85 to $4.46. Notional turnover peaked during this period as well. However, volume has declined sharply in the final hours, indicating a potential pause in selling pressure. A divergence between price and volume may indicate a short-term bottoming process, but further confirmation is needed.

Fibonacci Retracements

Fibonacci retracements drawn from the $2.73 low to the $7.85 high suggest the price is currently near the 61.8% retracement level ($4.56). This level may offer temporary support. If the price breaks below $4.56, the next support level would be at $3.61 (78.6% retracement). On the 15-minute chart, retracements of smaller intra-day swings suggest the current range between $4.46 and $5.60 is likely to persist for the near term.

Backtest Hypothesis

Given the sharp selloff and subsequent consolidation, a potential backtesting strategy could focus on a mean-reversion approach using a 15-minute RSI below 30 and a Bollinger Band touch of the lower band as entry triggers. A stop-loss could be placed below the most recent swing low, while a take-profit target could be set at the 50-period moving average. This strategy could aim to capture short-term rebounds in an otherwise bearish trend. The key will be whether volume increases again upon retesting of the lower band and whether the 61.8% retracement level holds as a psychological floor.