Market Overview for Enzyme/Tether (MLNUSDT) as of 2025-11-10

• Price surged 7.6% over 24 hours, peaking at $6.61 before retreating to $6.52.
• Volatility spiked with a 15-minute range of $0.20 during the late-night push.
• Volume surged 2.5x near $6.60, confirming bullish momentum.
• RSI entered overbought territory (73), suggesting potential consolidation.
• Bollinger Bands show recent price action remains within upper and middle bands.

Opening Snapshot

Enzyme/Tether (MLNUSDT) opened at $6.39 on 2025-11-09 at 12:00 ET, surged to a high of $6.61, and closed at $6.52 by 12:00 ET on 2025-11-10. Total 24-hour volume reached 337,258.88, with notional turnover at $2,198,098. The pair exhibited strong bullish momentum but may face near-term correction risks.

Structure & Formations

Key support levels were identified at $6.34 and $6.22, both tested and held with strong volume. Resistance appears at $6.60–$6.62, where price paused for over 3 hours. A bullish engulfing pattern emerged around 21:00 ET on 2025-11-09, confirming a shift in sentiment. A potential bearish divergence in price and volume was noted after 15:00 ET, signaling caution.

Moving Averages

On the 15-minute chart, the 20-period SMA crossed above the 50-period SMA, forming a golden cross. The daily chart shows the 50-period SMA at $6.48 and the 200-period SMA at $6.39, placing the current price above both, reinforcing a bullish trend. However, the 200SMA may act as a re-entry point for bears.

MACD & RSI

The MACD line showed a strong positive crossover with the signal line around 21:00 ET, coinciding with the breakout. RSI climbed above 70, signaling overbought conditions, and may face a near-term pullback. The histogram remains positive but has started to narrow, indicating waning momentum.

Bollinger Bands

Volatility expanded significantly as price surged toward the upper band, reaching $6.62 at 10:00 ET. Price has since retracted slightly, but remains within the upper half of the bands. A contraction phase is expected if price consolidates near the middle band, possibly indicating a setup for a continuation.

Volume & Turnover

Volume surged to a 24-hour peak of 79,125.88 at 10:00 ET, coinciding with the $6.61 high. Notional turnover hit a high of $529,102 during the same period, confirming strong institutional buying. Divergence appears post-15:00 ET, with volume falling as price continued upward, raising caution about a potential correction.

Fibonacci Retracements

Applying Fibonacci levels to the latest 15-minute swing (from $6.34 to $6.61), the 61.8% retracement sits at $6.48, where the price paused for over an hour. On the daily chart, the 38.2% level at $6.52 aligns with the current close, suggesting potential resistance ahead. A break below the 50% level at $6.47 may signal further consolidation.

Backtest Hypothesis

The described backtest strategy focuses on detecting bullish engulfing patterns and holding positions for three days. Given the recent bullish engulfing at $6.41–$6.43, this strategy would have triggered a long entry with an expected target around $6.52–$6.56. While the strategy appears to capitalize on short-term bullish momentum, it lacks stop-loss or take-profit rules, which may increase exposure during volatile reversals. The effectiveness of this strategy over the past 24 hours aligns with the observed price behavior, particularly during the late-night surge.