Market Overview for Enzyme/Tether (MLNUSDT) on 2026-01-15

Summary
• Price action formed a bearish engulfing pattern around 5.06–5.08 during early hours.
• RSI showed overbought levels during the 7:30–8:15 ET rally to 5.12, suggesting potential reversal.
• Volume surged during 2–3 AM ET and again at 2:45–4:45 PM ET, coinciding with sharp price swings.
• Price hovered near the 5.05 lower Bollinger Band for most of the session, signaling low volatility.
• A 61.8% Fibonacci retracement aligned with 5.02–5.03, acting as a temporary support cluster.

24-Hour Summary

Enzyme/Tether (MLNUSDT) opened at 5.07 on 2026-01-14, reached a high of 5.12, and closed at 4.99 on 2026-01-15. The pair recorded a total volume of 103,645.78 and a notional turnover of 518,402.39 USDT. Price moved within a tight range, reflecting a consolidation phase.

Structure and Trends

A bearish engulfing pattern formed between 5.06–5.08 in the early hours of 14 January, followed by a failed attempt to break above 5.10. A 61.8% Fibonacci retracement at 5.02–5.03 acted as a short-term support during the late afternoon pullback. A larger bearish wedge developed through the session, suggesting a possible continuation lower if support breaks.

Momentum and Volatility

RSI peaked at overbought levels during the 7:30–8:15 ET rally to 5.12 and failed to sustain the move, signaling a potential top. MACD remained below the signal line, reinforcing bearish momentum. Volatility was subdued for much of the session, with price staying close to the lower Bollinger Band until a late surge in volume around 15:00–17:00 ET.

Volume and Turnover

Notable volume surges occurred during 2:00–3:45 AM and 2:45–4:45 PM ET, coinciding with sharp price swings. The highest single-candle turnover was recorded at 16:00–16:15 ET, with a 5-minute turnover of 40,047.36 USDT. Price and turnover aligned positively during these spikes, supporting the validity of the move.

Forward Outlook

Price appears to be testing key support around 5.02–5.03, and a break below this level could lead to further downside toward 4.94–4.95. A retest of 5.10 may provide a short-term counter-trend opportunity, but without confirmation above this level, bearish bias persists. Investors should watch for a break below 5.02 as a potential trigger for a larger selloff.