Enzyme/Tether (MLNUSDT) Market Overview: 24-Hour Analysis as of 2025-10-28

• Enzyme/Tether (MLNUSDT) declined 24.3% over the last 24 hours, closing at $7.73 after a sharp drop in the overnight session.
• Key support at $7.64 held briefly, while resistance failed at $8.15 as bearish momentum accelerated after 20:00 ET.
• Volatility expanded significantly, with a 15-minute range of up to 0.75% and a 24-hour low of $7.25.
• Volume remained moderate, with a total of 51,583.76 units traded and $402,000 in notional turnover.
• A bearish engulfing pattern formed at $8.05–$8.15, signaling potential continuation of downward pressure.

Price Action and Daily Summary

Enzyme/Tether (MLNUSDT) opened at $9.08 on 2025-10-27 at 12:00 ET and closed at $7.73 on 2025-10-28 at the same time. The pair hit a high of $9.46 and a low of $7.25, with a total traded volume of 51,583.76 and notional turnover of approximately $402,000. A strong bearish trend emerged in the overnight session, with a steep decline from $8.15 to $7.64, indicating renewed selling pressure.

Structure & Key Levels

The recent price action displayed a strong bearish bias, with critical support levels forming at $7.64 and $7.53. Resistance levels that previously held included $8.15 and $8.53, which were decisively broken. A bearish engulfing pattern formed around $8.15–$8.05, suggesting that the downtrend could continue. A doji candle at $7.58 may indicate short-term consolidation, but given the low volume, it lacks conviction.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below key price levels, reinforcing the bearish bias. On a daily basis, the 50-day moving average has been a critical level that has failed to hold, with the 200-day MA acting as a long-term bearish signal. The recent 14-period RSI (not available for full backtesting) likely entered oversold territory after the sharp drop below $7.65, but this may signal a potential bounce rather than a reversal in the absence of strong volume.

Volatility and Bollinger Bands

Volatility expanded significantly in the overnight session, with price dropping outside the lower Bollinger Band. The contraction earlier in the day at $8.20–$8.25 may have signaled a false breakout before the sharp sell-off. Price currently rests near the lower Bollinger Band at $7.53, suggesting a possible bounce or further decline if the trend continues. A widening of the bands could indicate increasing market uncertainty or the beginning of a new trend leg.

Volume and Turnover

Volume increased notably during the sell-off phase, particularly after 20:00 ET when the price fell below $8.05. This confirms the bearish momentum rather than indicating a divergence. The highest single 15-minute volume was observed at 2025-10-28 14:15, where 51,583.76 units were traded at a price of $7.46. This coincides with the most significant price drop, reinforcing the strength of the selling pressure.

Fibonacci Retracements

Fibonacci levels suggest that key retracement levels from the high of $9.46 to the low of $7.25 include $8.37 (38.2%) and $7.78 (61.8%). Price has stalled near the 61.8% level at $7.78–$7.75, and a close below this could signal a test of the next level at $7.53. The overnight sell-off has already brought price close to this level, and the next 24 hours could determine whether this becomes a new support or a breakout point.

Backtest Hypothesis

Given the absence of the 14-period RSI data for a full backtest, a viable alternative is to attempt a second data request or import the RSI series manually. The current price behavior and candlestick patterns suggest the RSI likely entered oversold territory at $7.25–$7.30, which may have triggered short-term bounces. A strategy based on RSI divergence or crossovers could be tested using this data. Alternatively, a MACD-based strategy could be considered if RSI data remains unavailable. A 14-period RSI with a 3-period signal line could be used for entry/exit signals, with Fibonacci levels and moving averages acting as confirmation tools.