Market Overview for Enzyme/Tether (MLNUSDT): 2026-01-06 to 2026-01-07

Summary
• Price tested key resistance at $5.25 but failed to hold, dropping to a 24-hour low near $4.95.
• Volatility expanded after 22:00 ET with a sharp selloff, confirming bearish momentum.
• RSI and MACD showed divergence near overbought levels, suggesting profit-taking.
• Volume surged during the late ET sell-off, with turnover rising above $157,000.
• A large bearish engulfing pattern formed after $5.25, signaling possible near-term bearish continuation.

Market Overview

Enzyme/Tether (MLNUSDT) opened at $5.17 on 2026-01-06 at 12:00 ET, reached a high of $5.33, a low of $4.95, and closed at $5.01 on 2026-01-07 at 12:00 ET. Total volume was 298,664.43, and notional turnover was $157,905.70 over the 24-hour window.

Structure & Formations

Price tested resistance at $5.25 multiple times, with a notable bearish engulfing pattern forming after a failed breakout on 2026-01-07 at 06:00 ET. A strong support level emerged near $5.00 after a sharp sell-off in the early ET hours.

A large bearish reversal pattern at $5.25 suggests continuation of the downtrend unless bulls reclaim this level. Key Fibonacci retracement levels (61.8% at $5.08) were tested and broken.

Moving Averages

On the 5-minute chart, price crossed below the 20-period and 50-period moving averages during the late ET sell-off, reinforcing bearish bias. The 50-period MA remains above the 100-period and 200-period MA on daily charts, indicating a medium-term bearish trend.

MACD & RSI

MACD turned negative sharply after $5.25 and remained below the signal line, confirming bearish momentum. RSI showed overbought conditions near 70 before diverging with price and moving below 30 in late ET, indicating oversold conditions and potential for a short-term bounce.

Bollinger Bands

Volatility expanded significantly as price dropped from $5.25 to $4.95, breaking below the lower band. This suggests a period of high volatility and potential continuation of the bearish move. Price has since consolidated within the bands near $5.01.

Volume & Turnover

Volume and turnover spiked during the late ET selloff, particularly between 07:00 and 10:00 ET, confirming bearish conviction. A divergence between price and volume was not observed, suggesting that the move was broadly supported.

Fibonacci Retracements

Key Fibonacci levels (38.2% at $5.17, 61.8% at $5.08) were sequentially broken as price declined. A potential short-term rebound could test these levels again, but failure to hold above $5.08 could extend the move toward $4.95–$4.90.

The market appears to be in a short-term bearish phase, with a key near-term resistance at $5.25 and support near $5.00. A move above $5.25 could reinvigorate bulls, while a retest of $4.95 may trigger further selling. Investors should monitor volume and RSI for signs of exhaustion or reversal.