Enzyme/Tether (MLNUSDT) Market Overview

• MLNUSDT traded in a broad range with key resistance near 7.92–7.95 and support at 7.72–7.77.
• Price saw a sharp 15-minute rally to 8.28, followed by a rapid pullback to 7.98.
• MACD and RSI signaled overbought conditions at the peak, then diverged with price during the correction.
• Volatility spiked during the peak and contracted during consolidation, with high turnover at key levels.
• Fibonacci retracement levels from the 8.28 high provided relevant resistance and support during the pullback.

Market Snapshot

At 12:00 ET–1 on 2025-10-09, Enzyme/Tether (MLNUSDT) opened at 7.69 and traded as high as 8.28 before closing at 7.72 by 12:00 ET on 2025-10-10. The 24-hour low was 7.65. Total volume reached 52,135.22 units, with a notional turnover of approximately $401,445.

Structure & Formations

Price action on MLNUSDT exhibited strong bearish reversal patterns, most notably a large bearish engulfing candle and a hanging man at the top of the 8.28 level. A significant consolidation phase followed, marked by a bullish morning star pattern between 7.98 and 8.09. Key support levels were identified around 7.72–7.77, reinforced by a doji at 7.77 and a bearish hammer at 7.72, indicating short-term buyers stepping in. Resistance levels around 7.92–7.95 and 8.06–8.09 were tested multiple times during the day, with the 8.06–8.09 level holding strong for several hours.

Moving Averages and MACD/RSI

On the 15-minute chart, the price spent most of the session above the 20-period moving average, with a crossover below the 50-period MA signaling a bearish turn. The 50-period MA was breached during the consolidation phase, suggesting a potential continuation of the downward trend.

The MACD crossed below the zero line during the sharp decline from 8.28 to 7.98, confirming bearish momentum. The RSI reached overbought levels near 80 at the peak and dropped sharply into oversold territory below 30 during the consolidation, indicating a potential bounce or reversal if the 7.77–7.82 range holds.

Bollinger Bands and Volatility

Volatility surged during the peak at 8.28, with price breaching the upper Bollinger Band and creating a wide band expansion. As the price consolidated, volatility contracted, with price trading within the bands between 7.92 and 7.72. The recent move has seen price sitting near the lower band, suggesting potential for a rebound if short-term support at 7.77 holds.

Volume and Turnover Analysis

The highest volume occurred during the sharp rally to 8.28 and the rapid pullback to 7.98, with several large-volume candles indicating strong participation at those levels. Notably, the volume during the pullback was relatively lower than during the peak, suggesting weak conviction in the bearish move. Turnover also spiked during these periods, confirming the strength of price action. However, the divergence between price and volume during the consolidation phase suggests potential indecision among traders.

Fibonacci Retracements

Using the swing high of 8.28 and the swing low of 7.72, key Fibonacci levels were identified. The 38.2% retracement at 8.05–8.06 and the 61.8% at 7.95–7.97 were both tested and held during the consolidation phase. These levels acted as dynamic resistance and support, with price bouncing off the 61.8% level twice. A break below the 7.72 low could extend the downtrend to the next Fibonacci level at 7.67–7.69.

Backtest Hypothesis

A potential backtesting strategy for MLNUSDT could involve combining RSI divergence and Fibonacci retracement levels to identify high-probability entries. For instance, a short position could be triggered when the RSI drops below 30 and the price breaks below a key Fibonacci level (e.g., 7.95), while a long entry could be considered if the RSI rises above 70 and price tests a Fibonacci resistance level with strong volume confirmation. This method aims to capture both trend-following and countertrend opportunities in a structured manner.