Enzyme/Tether Market Overview for 2025-09-18

• Price surged 13.8% from $7.80 to $8.21 over 24 hours.
• Volatility increased sharply after 19:30 ET with 15-minute candles hitting 8.04 and 8.00 range.
• High volume spikes confirmed bullish momentum after 19:45 ET and 22:30 ET.
• RSI showed overbought conditions during peak hours but remained below 80.
• Price consolidated near 8.13–8.18 during final 4 hours, suggesting potential exhaustion.

Enzyme/Tether (MLNUSDT) opened at $7.80 on 2025-09-17 at 12:00 ET and reached a high of $8.24 before closing at $8.16 at 12:00 ET on 2025-09-18. Total volume across the 24-hour window was 197,914.77 units, while notional turnover reached $1,598,844.00, reflecting a moderate surge in activity, especially during late Eastern time hours.

Structure & Formations

Price action displayed a series of bullish engulfing patterns following key support levels at 7.80 and 7.85, notably between 19:45 ET and 20:30 ET. A bearish reversal pattern appeared near 8.04 at 20:45 ET, followed by a brief consolidation phase. Key support levels identified include 7.80, 7.75, and 7.70, with resistance clustering at 8.16, 8.21, and 8.25. A notable doji candle formed at 05:00 ET, signaling indecision amid upward momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed at 8.03, forming a bullish signal. The 50-period MA has been rising steadily, suggesting a continuation of the uptrend. On the daily chart, the 200-period MA was below the 50-period MA, indicating a long-term bullish tilt. Price remained above the 50-period MA for most of the session, reinforcing near-term momentum.

MACD & RSI

The 12/26/9 MACD line crossed above the signal line at 19:45 ET and remained in positive territory for the next 4.5 hours, confirming a bullish momentum phase. RSI reached 72 at 22:30 ET, signaling overbought conditions, though not extreme. The indicator pulled back to 60 by 08:00 ET, indicating potential for a healthy continuation of the trend.

Bollinger Bands

Price remained within the Bollinger Bands for the majority of the session but touched the upper band at 22:45 ET and 03:15 ET, reflecting strong buying pressure. Volatility expanded after 19:45 ET, with the bands widening from a narrow range of 0.06 to 0.14. Price closed near the upper band, suggesting strong conviction in the current uptrend.

Volume & Turnover

Trading volume spiked significantly during the 19:45–20:45 ET and 22:30–23:45 ET windows, with the highest volume candle occurring at 22:30 ET (717.603 units). Notional turnover mirrored volume behavior, peaking at $5,970.67 during that period. Price and turnover moved in tandem, validating bullish momentum and reducing the likelihood of a sharp reversal.

Fibonacci Retracements

Applying Fibonacci retracements to the 15-minute swing from 7.80 to 8.21 showed key levels at 7.96 (38.2%), 8.05 (50%), and 8.12 (61.8%). Price action found support at 8.05 and 8.12 before consolidating near 8.16. The 61.8% level acted as a temporary ceiling during the final 4 hours, indicating possible exhaustion.

Backtest Hypothesis

Given the consistent volume confirmation and strong MACD divergence, a potential backtesting strategy would focus on entering long positions on a bullish engulfing pattern forming above key support levels. A stop loss could be placed 1.5% below the support level, while a take profit target might be set at the 61.8% Fibonacci retracement level. This setup, if tested over historical 15-minute data, could validate the trend-following logic observed in today’s session, particularly around 19:45 ET and 22:30 ET.