Enzyme/Tether (MLNUSDT) Market Overview for 2025-11-11

Summary
• MLNUSDT tested key resistance around 6.50 before consolidating lower toward 6.20.
• Momentum weakened in the RSI and MACD, indicating potential overbought/oversold extremes.
• Volume spiked during the breakout attempt but faded as price retraced.
• Bollinger Bands narrowed mid-day, suggesting a consolidation phase.
• Fibonacci retracement levels highlighted possible near-term support at 6.24–6.28.

MLNUSDT opened at 6.31 on 2025-11-10 at 12:00 ET, reaching a high of 6.57 before closing at 6.27 on 2025-11-11 at 12:00 ET. The 24-hour volume was 205,649.06, with total turnover of $1,309,607.50.

Price action revealed a sharp intraday high of 6.57, forming a bearish reversal pattern near that level. Resistance appears to cluster around 6.50–6.57, while support levels are forming around 6.24–6.28. A bearish engulfing pattern emerged near 6.50, signaling potential exhaustion of the upward move. The RSI crossed into overbought territory mid-day before retreating toward the center, and the MACD line crossed below the signal line, suggesting weakening momentum.

Bollinger Bands showed a significant expansion during the 6.30–6.50 rally, followed by a sharp contraction as price retreated. The price has settled near the lower band, suggesting possible oversold conditions and a potential bounce. A 15-minute 20-period MA crossed below the 50-period MA late in the session, forming a bearish crossover. On the daily chart, the 50-day MA appears to be acting as a key resistance level.

Volume surged during the breakout attempt near 6.50 but sharply declined as the price pulled back, indicating a lack of follow-through buying. Turnover aligned with volume, with both metrics confirming the bearish shift. Fibonacci retracement levels from the 6.21–6.57 swing suggest key levels to watch: 6.42 (38.2%), 6.34 (50%), and 6.28 (61.8%). These levels could serve as short-term pivots.

The technical landscape suggests that MLNUSDT may continue consolidating between 6.20 and 6.35 over the next 24 hours. A break below 6.24 could trigger a test of the next Fibonacci level at 6.21, whereas a rebound above 6.33 could reignite bullish momentum. Traders should remain cautious of a potential false break above 6.33, as volume appears to be weakening in that direction.

Backtest Hypothesis
A backtesting strategy has been prepared using the Bearish-Engulfing candlestick pattern on MLN/USDT since 1 Jan 2022. The strategy aims to evaluate the impact of these reversal signals on returns and risk management. However, the current issue lies in the price data feed, which is failing due to an unrecognized symbol format. To ensure the backtest can run successfully, it is crucial to provide the correct exchange-specific ticker (e.g., “BINANCE:MLNUSDT”) or supply a local OHLCV file for manual import. Once resolved, the backtest will generate performance metrics, including average return per trade, win/loss ratio, and maximum drawdown, alongside visual tools for analysis.