Market Overview for Enzyme/Tether (MLNUSDT) – October 13, 2025

• Price rose 10.4% over 24 hours, closing at $6.03 after a bullish breakout.
• Volatility surged in the early session, with a high of $6.39 and a sharp pullback.
• Volume spiked during the breakout but softened later, signaling potential consolidation.
• RSI climbed into overbought territory, while MACD showed bullish divergence.
• Bollinger Bands widened, and price tested the upper band multiple times.

The Enzyme/Tether (MLNUSDT) pair opened on October 12 at $5.72, hit a high of $6.39, and settled at $6.03 by 12:00 ET on October 13. Total 24-hour trading volume reached 262,221.175, with turnover exceeding $1.6 million. Price action revealed a strong bullish breakout in the early morning, followed by a consolidation phase with key resistance levels forming around the $6.10–$6.25 range.

Structure and candlestick patterns highlighted a series of bullish engulfing patterns between 07:00–09:00 ET, confirming a shift in momentum. A key support level formed around $5.95–$6.00, where the price found buyers after the initial pullback. The session also featured a long-legged doji near $6.15, indicating indecision and potential for a short-term reversal. Notably, the price failed to close above the $6.25 level, which could serve as the next target if bullish momentum resumes.

The 20-period and 50-period moving averages on the 15-minute chart were both bullish, with the 20-period MA crossing above the 50-period MA earlier in the session. The MACD line rose sharply after 07:00 ET, showing strong momentum, while the histogram expanded to indicate a widening trend. The RSI reached overbought levels above 70 for much of the late session, suggesting potential short-term exhaustion. Bollinger Bands expanded as volatility increased, with the price often trading near the upper band — a sign of strong buying pressure — before retreating into the channel.

Volume surged during the breakout phase but has since softened, indicating waning follow-through. A divergence appears in the volume profile, with price rising on lower volume in the final hours. This could signal a shift in market sentiment or the entry of large institutional buyers. Total turnover also declined after the morning spike, reinforcing the idea that the market may be entering a consolidation phase ahead of the next major move.

The Fibonacci retracement levels from the recent $5.65 to $6.39 swing suggest key levels to watch. The 61.8% level at $6.10 and the 78.6% at $6.24 are critical for the next 24 hours. A break above $6.25 could open the door to $6.39, the previous high, while a retest of the 50% retracement at $6.01 could offer a buying opportunity for short-term traders. Daily chart indicators suggest that the 50-day MA is approaching from below, potentially offering support if the current rally stalls.

Backtest Hypothesis

A backtesting strategy based on 15-minute candlestick patterns could prove effective in capturing short-term momentum. The proposed strategy uses the first bullish engulfing pattern as an entry trigger and holds the position for a maximum of 5 trading days. Given the current technical environment, such a strategy may benefit from the recent rise in momentum, especially with the 20-period MA supporting the trend. However, the overbought RSI and diverging volume suggest that caution is warranted. Adding a stop-loss near $5.95 could help mitigate risk if the trend reverses. A more comprehensive test across multiple tickers may also help validate its robustness.