Market Overview for Enzyme/Tether USDt (MLNUSDT)

• Price surged to a 24-hour high of $8.07 before retreating to close near $7.87.
• Momentum accelerated in late trading hours, pushing RSI above overbought levels.
• Volume spiked during the rally, confirming bullish momentum.
• Bollinger Bands widened, reflecting increased volatility in the final hours.
• A potential bearish divergence emerged in late volume, hinting at exhaustion in the rally.

At 12:00 ET on 2025-09-06, Enzyme/Tether USDt (MLNUSDT) opened at $7.76, reached a high of $8.07, and closed at $7.87, with a low of $7.76 during the 24-hour period. Total volume amounted to 65,027.89, while notional turnover stood at approximately $508,237.50.

Structure & Formations

Price action formed a bullish engulfing pattern in the final hour (16:00–16:15 ET), signaling potential bearish follow-through. Key support levels were identified at $7.76–$7.82 and $7.85–$7.87, with resistance forming at $7.90 and $7.95–$8.00. A significant breakout occurred above $8.00 in the final hours, followed by a consolidation phase.

Support/Resistance Levels

- Key Supports: $7.76, $7.82, $7.87
- Key Resistances: $7.90, $7.95, $8.00

A notable doji formed near $8.00, suggesting indecision among traders after the breakout.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages (MA20 and MA50) crossed to the upside as price surged near $8.00, confirming bullish momentum. The MA20 (7.88) and MA50 (7.86) remained in bullish alignment during the final hours. On the daily chart, the 50/100/200-period MAs showed a bearish bias, suggesting the rally may face resistance at key long-term averages.

MACD & RSI

The 15-minute MACD showed a bullish crossover and a strong positive histogram as price advanced toward $8.07, with the line peaking at 0.06 and the signal line at 0.02. RSI spiked above 70, reaching 73.5 in the final 15-minute period, indicating overbought conditions and potential for a pullback.

Bollinger Bands

Volatility expanded sharply in the final 3 hours, with Bollinger Bands widening from a 0.06 range to 0.11 as price moved from $7.87 to $8.07. Price closed near the upper band at $8.07, which may act as a short-term resistance level.

Volume & Turnover

The largest volume spike occurred at 15:30 ET with a turnover of $29,665.29, coinciding with a price surge from $8.0 to $8.07. A bearish divergence appeared in the final hour, with declining price despite relatively high volume, suggesting exhaustion in the move higher.

Fibonacci Retracements

Recent 15-minute swings showed price reaching the 61.8% Fibonacci retracement level ($7.95–$8.00), reinforcing the idea of a potential bearish reversal. Daily Fibonacci levels identified a 61.8% retracement at $7.91, which price briefly tested before retreating.

Backtest Hypothesis

A potential backtest strategy could involve entering long near key support levels ($7.82–$7.87) with a target at $7.95 and a stop-loss below $7.76, leveraging the recent bullish momentum and the 61.8% Fibonacci retracement. Alternatively, a bearish trade could be initiated short at the upper Bollinger Band with a target at $7.82, based on overbought RSI and bearish divergence in the final hour. This strategy would benefit from monitoring the MA20 and MA50 for continuation or reversal signals.