Market Overview for Enzyme/Tether (MLNUSDT) on 2025-09-26

• Price fell to a 24-hour low of $6.95 before recovering to $7.12 ahead of the close, showing bearish pressure midday.
• A strong negative divergence in volume and price was observed during the 17:15–19:30 ET selloff, signaling potential exhaustion.
• Key support at $6.95 held, while resistance levels at $7.10 and $7.12 faced repeated tests, with a bearish bias emerging after 19:45 ET.
• RSI showed overbought conditions at $7.15 and oversold at $6.95, suggesting possible reversals at both ends.
• Volatility expanded through the 20–22:30 ET period before stabilizing near $7.05–$7.08 as the session closed.

The 24-hour period for Enzyme/Tether (MLNUSDT) opened at $7.20 on 2025-09-25 at 12:00 ET, surged to a high of $7.23, but then declined sharply to a low of $6.95 before bouncing to a close of $7.12 at 12:00 ET the next day. Total volume reached 30,752.04, while notional turnover amounted to approximately $217,403. The session was marked by a pronounced bearish move followed by a gradual recovery, with multiple attempts to reclaim key resistance levels.

Structure & Formations

The 15-minute chart displayed a bearish breakout from a key support area at $6.95, followed by a rally that formed a bullish flag pattern between $7.05 and $7.12. Notable bearish patterns included a dark cloud cover at the 19:15 candle and a large bearish body at the 17:15 candle. A doji at 03:45 ET and a bullish engulfing pattern at 05:15 ET hinted at indecision and potential reversal points.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart intersected around $7.05–$7.08, forming a dynamic support zone. On the daily chart, the 50-period MA was near $7.10, while the 200-period MA sat slightly below $7.00, suggesting that the 50 MA could serve as a short-term resistance if the price continues to trend upward.

MACD & RSI

The MACD turned bearish in the early selloff and remained negative until a modest bullish crossover at 04:45 ET. RSI dipped below 30 during the 17:15–19:30 ET dip, indicating oversold conditions. The indicator later rebounded toward 60–65, suggesting weakening momentum on the rally. Overbought conditions were seen at $7.15, suggesting potential pullbacks.

Bollinger Bands

Volatility expanded during the 17:15–22:30 ET selloff, with the bands widening to over $0.15. Price spent a significant portion of the session near the lower band before closing near the upper half of the bands. A contraction occurred briefly around 03:45 ET, followed by a breakout that pushed the price closer to the upper band by the final hours of the session.

Volume & Turnover

Volume surged during the 17:15–19:30 ET selloff, with turnover spiking as the price dropped from $7.03 to $6.95. A divergence was noted between volume and price as the price rallied after 19:45 ET—volume decreased while price rose, suggesting limited conviction in the recovery. The highest volume spike occurred at the 19:15 candle, where a bearish reversal pattern formed.

Fibonacci Retracements

Applying Fibonacci retracements to the major swing from $7.23 to $6.95, key levels at 38.2% ($7.09) and 61.8% ($7.14) were tested multiple times. The price found support at $7.09 during the 17:45–18:30 ET period and bounced upward, suggesting that the 61.8% level could become a new resistance if the recovery continues.

Backtest Hypothesis

A potential backtesting strategy would involve entering a long position on a bullish engulfing pattern (e.g., at 05:15 ET) with a stop-loss just below the 17:15 ET low at $6.95. A take-profit target could be set at the 61.8% Fibonacci level ($7.14) or the upper Bollinger Band. Given the RSI overbought signal at $7.15, a trailing stop could be used to lock in profits during a potential pullback. This approach aligns with the observed price behavior and could be validated over multiple similar candlestick setups in future sessions.