Enzyme/Tether Market Overview

Summary
• MLNUSDT opened at $6.35 and closed at $6.12 with a 24-hour high of $6.53 and low of $6.01.
• Price action showed a bearish bias after a brief bullish rebound in the early hours of November 7.
• Volume surged during key price declines, signaling strong selling pressure in the final 12 hours.

Enzyme/Tether (MLNUSDT) opened at $6.35 on 2025-11-06 at 12:00 ET, closed at $6.12 on 2025-11-07 at 12:00 ET, and reached a 24-hour high of $6.53 and a low of $6.01. Total traded volume over the period amounted to 237,594.1 units, with a notional turnover of approximately $1,450,962. The pair experienced heightened volatility and a downward drift, especially after a brief breakout in the late hours of November 6.

Structure & Formations

Price action revealed a bearish engulfing pattern at $6.50 on November 7, which signaled a shift in sentiment from bullish to bearish. A doji formed at $6.45–$6.47 around 03:45 ET, indicating indecision and potential exhaustion in the short-term buyers. The 61.8% Fibonacci retracement level at $6.23 became a key support that held during the early morning sell-off.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed bearishly (death cross) around 02:00 ET, confirming a downward trend. On the daily chart, the 50-day moving average crossed below the 100-day and 200-day averages, reinforcing a bearish bias and suggesting that the pair may continue consolidating below key psychological levels.

MACD & RSI

The MACD line crossed below the signal line between 01:00 and 02:00 ET, confirming bearish momentum. RSI dropped below 30 in the final hours of the session, indicating an oversold condition. However, price failed to bounce from this level, suggesting that the bearish bias may not be exhausted.

Bollinger Bands

Volatility expanded during the early hours of November 7 as the pair traded near the upper band. As the session progressed, the bands contracted slightly, pointing to a potential consolidation phase. Price remained near the lower band during the final 6 hours, indicating a strong bearish bias with limited immediate upside potential.

Volume & Turnover

Volume spiked dramatically during the final 12 hours, especially after the price dropped below $6.20. Notional turnover surged to $1.3 million after 11:00 ET, confirming the bearish momentum. A divergence between price and volume was observed around 07:00 ET, where price rose slightly but volume remained low, suggesting weakening bullish conviction.

Fibonacci Retracements

A key 61.8% retracement level at $6.23 held during the morning sell-off, providing temporary support. The 38.2% level at $6.30 resisted further bullish attempts in the early hours of November 7. On the daily chart, the 61.8% retracement level at $6.28 appears critical for near-term buyers.

Backtest Hypothesis

A backtesting strategy was proposed using RSI data for the HOLD.P ETF, but data retrieval failed due to an invalid or unlisted symbol. To proceed, confirmation of the correct ticker is necessary. Once RSI data is secured, a strategy could be developed to time entries during oversold conditions and exits during overbought levels, using similar thresholds as seen in this 24-hour MLNUSDT analysis. This approach would mirror the recent bearish RSI divergence observed here and could be optimized for a broader timeframe (2022–present).