Market Overview for Enzyme/Tether (MLNUSDT) on 2025-10-14

• Enzyme/Tether (MLNUSDT) opened at $6.00 and surged to a 24-hour high of $6.26 before retracting to $5.63, closing at $5.80.
• The pair exhibited a bearish reversal pattern as price broke below key support levels after a short-term bullish push.
• Volume spiked during the late-night downturn, confirming bearish momentum with a 16% drop in price over 8 hours.
• RSI entered oversold territory near the session’s close, suggesting potential for a short-term bounce or consolidation.
• Bollinger Bands showed increasing volatility, with price hitting the lower band twice during the 24-hour period.

Enzyme/Tether (MLNUSDT) opened at $6.00 on 2025-10-13 at 12:00 ET and closed at $5.80 the following day at the same time. The pair surged to a high of $6.26 in the early evening hours before entering a bearish correction, with price hitting a 24-hour low of $5.63. Total volume for the 24-hour period was 81,082.65, while notional turnover amounted to $494,917. The price action suggests a short-term bearish exhaustion following a failed rally.

Structure & Formations

The 15-minute chart reveals a failed bullish thrust, with a strong move from $6.00 to $6.26 followed by a sharp reversal. Key support levels are now at $5.80 and $5.74, with resistance at $5.85 and $5.90. A potential bearish engulfing pattern formed near the high of $6.26, confirming the bearish bias. A doji appeared at $5.75 in the early morning, signaling indecision.

Moving Averages

On the 15-minute chart, price closed below both the 20-period (5.81) and 50-period (5.83) moving averages, reinforcing the bearish tone. Daily moving averages show a wider bearish divergence, with the 50-period at $5.92, 100-period at $5.98, and 200-period at $6.01. This suggests a longer-term bearish trend, with short-term momentum aligning to the broader bias.

MACD & RSI

The MACD showed a bearish crossover in the evening hours, with the line falling below the signal line and remaining negative for the remainder of the session. The histogram reflected diverging bearish momentum as the rally failed. RSI dropped sharply from 62 to 28 during the correction, entering oversold territory. This may hint at a short-term bounce but does not necessarily signal a reversal of the larger trend.

Bollinger Bands

Price action displayed expanding Bollinger Bands during the bearish correction, with volatility rising from a contraction phase earlier in the day. The 24-hour low at $5.63 touched the lower band, reinforcing the bearish signal. As of the close at $5.80, the price sat near the lower band again, suggesting that volatility may remain elevated and the downward trend could continue.

Volume & Turnover

Volume was concentrated in the late-night to early-morning hours, with a peak of 7,915.35 at 07:00 ET when the price dropped sharply from $5.74 to $5.63. Notional turnover spiked in line with these volume surges, confirming the bearish move. However, a divergence appears in the final two hours of the session, as volume dropped even as the price drifted lower, suggesting reduced conviction in the bearish move.

Fibonacci Retracements

Applying Fibonacci retracement to the $6.00–$6.26 rally, the 38.2% level at $6.14 and 61.8% at $6.10 were tested before the sharp reversal. On the bearish leg from $6.26 to $5.63, the 38.2% retracement at $5.92 and 61.8% at $5.79 were key levels. The price closed just below the 61.8% level, indicating that bears are in control.

Backtest Hypothesis

A potential backtest strategy involves identifying Bullish Engulfing patterns on the 15-minute chart. Given the recent behavior of MLNUSDT, a pattern at $6.26 could serve as a trigger for entry with a 5-day hold period. A confirmation of this pattern would require a prior bearish candle followed by a larger bullish candle that engulfs the previous body entirely. If detected, this pattern could be used to evaluate the pair’s potential for a reversal. However, due to the current bearish bias and recent breakdowns in key support levels, a 5-day hold might face challenges in capturing a strong bullish rebound. This strategy would need to be tested with accurate pattern detection and confirmation from the OHLC data provided.