Enzyme/Tether (MLNUSDT) Market Overview for November 12, 2025

Summary
• Price declined from $6.38 to $6.06 during the 24-hour period, ending at $6.32 with a bearish bias.
• Volume surged over $9k near 16:45 UTC, coinciding with a sharp price rebound.
• A bullish engulfing pattern emerged around 06:00 UTC, indicating short-term reversal potential.
• Volatility expanded significantly between 20:00 and 21:00 UTC, reflecting increased market uncertainty.
• Turnover diverged from price during the early morning, suggesting potential accumulation or distribution.

MLNUSDT opened at $6.33 on November 11, hit a high of $6.38, a low of $6.06, and closed at $6.32 at 12:00 ET on November 12. Total 24-hour volume was 116,721.89, and notional turnover reached $716,321.24. The asset showed notable consolidation and volatility shifts, with key patterns forming near key support levels.

Structure & Formations

The price trace revealed a bearish breakdown followed by a consolidation phase between $6.13 and $6.38. A key bullish engulfing pattern formed around 06:00 UTC, as price reversed from $6.23 to $6.24 within a single candle. A doji near $6.19 (21:45 UTC) marked a short-term pause in the downtrend. The 24-hour session closed with price stabilizing above the $6.32 psychological level, suggesting a possible retest of $6.38 resistance ahead.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart indicated a reversion to the mean, with price hovering just above the 50-period line near $6.32 by the close. Daily MAs showed a longer-term bearish trend, with the 50-period SMA at $6.30 and the 200-period SMA at $6.42, suggesting a longer-term bias remains cautious.

MACD & RSI

The MACD crossed below the signal line around 20:00 UTC, reflecting bearish momentum, while the RSI dipped into oversold territory (around 26) during the 21:00 UTC session. The RSI has since rebounded to neutral levels, suggesting momentum is shifting back in favor of buyers.

Bollinger Bands

Bollinger Bands expanded between 20:00 and 22:00 UTC, signaling a period of heightened volatility. Price then consolidated within the bands from 23:00 UTC onward, closing near the upper band at $6.32. The recent expansion suggests traders are bracing for further price action, though the upper band remains a key near-term resistance.

Volume & Turnover

Volume peaked at 9,825.693 around 16:45 UTC, with a corresponding price rebound from $6.20 to $6.25. Notional turnover spiked alongside, reaching $61,890.32, indicating active participation. A divergence between rising price and declining turnover was noted between 02:00 and 04:00 UTC, hinting at possible distribution activity.

Fibonacci Retracements

On the 15-minute chart, the recent swing from $6.38 to $6.06 found support at the 61.8% retracement level ($6.22) and reversed sharply. Daily Fibonacci levels from a recent peak at $6.38 to a trough at $6.06 identified key support at $6.22 and resistance at $6.35, with the closing price near the 78.6% level.

Backtest Hypothesis

Given the recent RSI divergence and the formation of a bullish engulfing candle, a potential backtesting strategy could involve entering long positions when RSI exits oversold territory and is confirmed by volume surges, as seen near 06:00 UTC. A stop-loss could be placed just below $6.18, with a take-profit targeting $6.35. This approach aligns with the observed mean-reversion and trend-following signals.