Market Overview: Enzyme/Tether (MLNUSDT) - 24-Hour Breakout and Momentum Confirmation

• MLNUSDT surged 11.3% in 24 hours, forming a bullish continuation pattern after a key 7.45–7.72 base breakout.
• RSI reached 68 and MACD crossed bullish, confirming momentum, though volatility remains moderate.
• Volume spiked during the 7.7–7.75 range, validating the recent upward move.
• Price held above the 7.72–7.76 consolidation zone, signaling strong buyer control.
• A 7.81–7.77 pullback failed to break key support, suggesting 7.72 may act as a pivot level.

The 24-hour candle for MLNUSDT opened at $7.28 (12:00 ET – 1), surged to a high of $7.77, and settled at $7.76 at 12:00 ET. Total volume reached ~31,523.6 units, and notional turnover hit ~$237,212, marking a sharp increase from the prior week. The price action reflects strong buying pressure and a bullish continuation pattern after a 24-hour base breakout.

The structure of the 15-minute candles shows a clear shift in sentiment, with a series of higher highs and higher lows forming a bullish flag after the 7.45–7.72 range. A key breakout candle on the 09:30 ET (2025-10-01) session, which saw volume spike to 2,055.874 units and a high of $7.65, confirmed the break above the 7.72–7.76 consolidation zone. This was followed by a tight consolidation, where the 7.7–7.75 range became the new support. The final hour before the 24-hour window ended saw a minor pullback, but price closed above the 7.72–7.76 range, suggesting buyer strength.

Moving averages on the 15-minute chart show a bullish crossover, with the 20-period line above the 50-period line. The 50-period MA at 7.74 and the 20-period at 7.77 indicate a strong trend. On the daily chart, the 50-period MA is at 7.68 and the 200-period at 7.58, reinforcing the longer-term bullish setup. The price is now well above both, suggesting sustained demand.

The MACD (12, 26, 9) crossed above the signal line at 0.015, and the histogram is expanding, confirming the bullish momentum. The RSI (14) climbed to 68, indicating strong upside momentum but not yet overbought. Bollinger Bands show a moderate widening, reflecting increased volatility in the 7.7–7.75 range, while the close at 7.76 sits just below the upper band, signaling a strong move within the channel.

Fibonacci retracements drawn from the 7.45–7.77 swing show the 61.8% level at 7.67 and the 38.2% at 7.63. Price held above 7.67 after a brief test, suggesting this level is now acting as a dynamic support. On the daily timeframe, the 7.63–7.77 range overlaps with the 61.8% retracement of the broader 7.43–7.77 move, indicating a potential pivot level for the next 24–48 hours.

Volume and turnover have remained consistent, with no signs of a divergence between price and volume. The 7.72–7.76 consolidation was confirmed by volume spiking during the 09:30–10:15 ET timeframe. This suggests that the move above 7.72 was not a false break but a genuine trend continuation.

Backtest Hypothesis
A potential backtest strategy could involve entering long on a bullish crossover of the 20-period MA over the 50-period MA on the 15-minute chart, combined with a breakout above the 7.72–7.76 consolidation range confirmed by volume. A stop-loss could be placed below the 7.67 level, with a target at 7.81 (7.76 + 61.8% of the 7.76–7.67 move). This strategy would aim to capture a continuation of the current upward momentum while managing risk on key Fibonacci support levels.