Market Overview for Enzyme/Tether (MLNUSDT) – 2025-10-08

• Enzyme/Tether (MLNUSDT) closed near 7.73, down from 7.71 at the start of the 24-hour period.
• Price saw a strong push to 7.89 before pulling back to key resistance at 7.76–7.78.
• Volatility expanded during the 15–16:00 ET window with a 7.83 high and 7.77 low.
• Turnover spiked above 7.80, confirming the breakout attempt.
• Overbought RSI readings above 65 suggest potential for short-term reversal.

Enzyme/Tether (MLNUSDT) opened at 7.71 on 2025-10-07 at 12:00 ET and closed at 7.73 on 2025-10-08 at the same time. The price hit a high of 7.89 and a low of 7.62 during the 24-hour window. Total volume was 33,946.095, and notional turnover reached $262,211.25. The asset appears to be forming a consolidation pattern after a bullish breakout attempt.

Structure & Formations

Price action during the 24-hour period showed a clear bullish breakout attempt above 7.76–7.78, followed by a retracement to the 7.73–7.75 range. A bearish engulfing pattern occurred at 03:30 ET (7.74–7.69), signaling a potential near-term reversal. A doji formed at 05:45 ET (7.67–7.67), indicating indecision at key support. The 7.76–7.78 range appears to be a significant resistance cluster, with the 7.73–7.75 range forming key support.

Moving Averages

The 15-minute chart showed price crossing above the 20-period moving average during the early morning hours, confirming a short-term bullish bias. However, the 50-period line remained above the current price, suggesting a potential retest. On the daily chart, the price remains above the 50 and 100-period moving averages, but below the 200-period line, indicating a neutral to moderately bearish long-term bias.

MACD & RSI

The MACD showed a bullish crossover on the 15-minute chart during the 08:00–09:00 ET window, supporting the breakout above 7.76–7.78. However, the indicator later flattened as the price retracted. The RSI peaked above 65 during the breakout attempt, suggesting overbought conditions and a potential pullback. The 7.73–7.75 range has acted as a strong internal support, with RSI dipping below 40 but not entering oversold territory.

Bollinger Bands

Volatility expanded significantly during the 08:00–10:00 ET window, with the upper band reaching 7.82 and the lower band hitting 7.75. The price moved above the upper band during the 14:15 ET candle (7.86), indicating strong momentum. Since then, the price has consolidated within the bands, suggesting reduced volatility and a potential reversal. The current price is now trading near the middle band, indicating a neutral position.

Volume & Turnover

Volume spiked above 2,000 during the 09:45–10:15 ET window, coinciding with the 7.80–7.83 price consolidation. Notional turnover reached a 24-hour high of $19,560.00 during the 14:15 ET candle (7.86), confirming the breakout attempt. However, volume during the 03:30–05:45 ET pullback was muted, suggesting a lack of conviction in the bearish move. Price and turnover remain aligned, with no divergence observed in the last 4 hours.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 7.62–7.89 move, the 7.76–7.78 level corresponds to the 61.8% retracement. The 38.2% level is at 7.73, and the 23.6% level at 7.77. The 7.73–7.75 range aligns with the 38.2% retracement, indicating a potential consolidation target. The 61.8% level has shown resistance, suggesting a possible retest and reversal.

Backtest Hypothesis

The backtesting strategy involves entering a long position when price breaks above the 61.8% Fibonacci level and MACD confirms the crossover with a positive signal line. A stop-loss is placed below the most recent swing low (7.73), and a take-profit is set at the 7.82 level, corresponding to the 23.6% retracement of the following bearish leg. The strategy has a 24-hour time horizon and relies on volume confirmation during the breakout to filter false signals. This aligns with the observed price action, where volume spiked above 2,000 during the 7.76–7.80 consolidation.