Market Overview: Enzyme/Tether (MLNUSDT) on 2025-12-29

Summary
• Price action shows bearish dominance with a potential key support at ~4.74.
• RSI indicates moderate oversold conditions, but momentum remains weak.
• Volume and turnover increased during the selloff, supporting the bearish bias.
• A large 5-minute bearish engulfing pattern emerged near 4.85–4.82.

At 12:00 ET on 2025-12-29, Enzyme/Tether (MLNUSDT) opened at 4.88, hit a high of 4.90, a low of 4.72, and closed at 4.78. Total volume over 24 hours was 22,418.34 units with $116,909.48 in turnover.

Structure & Formations

The 5-minute chart showed a strong bearish engulfing pattern at ~4.85–4.82, confirming a key reversal from an earlier bullish trend. Price appears to be finding near-term support at ~4.74 and resistance at ~4.85. A doji formed around 4.78–4.79, signaling indecision.

Moving Averages

On the 5-minute chart, price has been below both the 20 and 50-period moving averages, reinforcing the short-term bearish trend. Daily moving averages (50/100/200) are not available for real-time assessment.

MACD & RSI

MACD remained negative with no bullish crossover during the 24-hour window, suggesting weak momentum. RSI hovered in the 30–35 range, indicating moderate oversold conditions, though with little sign of a rebound.

Bollinger Bands

Volatility increased late in the day, with the bands widening. Price has spent most of the session near or below the lower band, suggesting distribution pressure.

Volume & Turnover

Volume and turnover spiked during the late ET session as price dropped from ~4.83 to ~4.75. This aligns with the price action and reinforces the bearish sentiment. However, the recent doji at ~4.78–4.79 suggests a potential short-term pause in the move lower.

Fibonacci Retracements

Applying Fibonacci levels to the most recent 5-minute swing from ~4.85 to ~4.75, the 61.8% level lies near 4.77–4.78, which appears to be a key short-term support zone.

Looking ahead, price may test 4.74 for further confirmation of a base or trigger a rebound. However, with bearish momentum intact and volume confirming selling pressure, traders should remain cautious of a potential test of 4.70–4.72 if short-term buyers do not emerge.