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

Summary
• Price tested key resistance at $4.68–4.69 but reversed, forming bearish engulfing patterns.
• Volatility spiked after 11:30 ET with a sharp $4.62–4.78 range, followed by consolidation.
• RSI overbought conditions emerged, but failed to hold, suggesting bearish momentum may resume.

24-Hour Price and Volume Summary

Enzyme/Tether (MLNUSDT) opened at $4.63 on December 20 at 12:00 ET, reached a high of $4.78, and a low of $4.44 before closing at $4.69 on December 21 at 12:00 ET. Total volume was 224,100.39 units, with a notional turnover of $1,032,985.

Structure & Formations

Price action displayed a key bearish reversal pattern at $4.68–4.69 with a large upper wick and bearish engulfing after earlier bullish attempts to break above resistance. . A strong intraday high at $4.78 failed to hold, and the price retreated to form a descending triangle, with immediate support at $4.63 and resistance at $4.68. A doji at $4.63 suggested indecision, and a key 50-period EMA crossed below the 20-period line, reinforcing bearish momentum.

Moving Averages and MACD

On the 5-minute chart, the 20-period EMA dropped below the 50-period line, indicating bearish momentum. The 50-period EMA on the daily chart also crossed below the 100-period line, reinforcing a bearish bias. MACD showed a divergence with price in the afternoon session, suggesting momentum may weaken. RSI peaked at 76 before retracing, indicating overbought conditions were not confirmed by follow-through buying.

Bollinger Bands and Volatility

Volatility expanded sharply during the morning session when price traded between $4.44 and $4.78, breaching the upper band at $4.78 and then consolidating within the bands. After 10:45 ET, bands tightened, suggesting a potential breakout or reversal could be in play. Price currently sits near the 20-period moving average and below the middle band, signaling potential for further downside.

Volume and Turnover Analysis

Volume surged during the early hours of the morning as price broke to $4.78, with a large 5-minute candle at $4.78 recording a turnover of $349,741. However, subsequent volume declined as price pulled back, indicating weakening conviction. A volume divergence appeared as price pushed higher but failed to follow through on volume. The largest turnover occurred during the $4.44–$4.78 move, suggesting institutional selling pressure.

Fibonacci Retracements

Fibonacci levels from the $4.44 low to $4.78 high show a 38.2% retracement at $4.66 and a 61.8% level at $4.60. Price stalled at $4.66 and is now consolidating near $4.63, which aligns with the 78.6% retracement level. These levels could serve as pivot points for the next 24 hours.

Enzyme/Tether appears to be in a consolidation phase after a sharp intraday move, but bearish momentum remains intact. If the $4.63 support holds, a test of $4.60 could follow, but a break above $4.68 may rekindle bullish sentiment. Investors should monitor volume behavior and MACD divergence for signs of a reversal.