Market Overview for Enzyme/Tether (MLNUSDT): 24-Hour Action Ends in Bullish Tilt

• Enzyme/Tether (MLNUSDT) closed higher at $7.33, up from $7.16 at 12:00 ET–1, with a 24-hour high of $7.36 and low of $7.03.
• Rising momentum was supported by a bullish RSI divergence and increasing volume toward the end of the reporting period.
• Price showed consolidation near key resistance at $7.33 and retested support at $7.16–$7.19 multiple times, indicating mixed sentiment.
• Volatility expanded toward the end of the session, with price moving outside Bollinger Band midpoints on late-morning 15-minute candles.
• Turnover increased sharply between 06:00 and 09:00 ET, with a final 24-hour volume of 43,163.65 and turnover of $312,635.09.

Enzyme/Tether (MLNUSDT) opened at $7.16 on 2025-09-22 at 12:00 ET and closed at $7.33 on 2025-09-23 at the same time, with a 24-hour high of $7.36 and a low of $7.03. The pair exhibited moderate bullish momentum, with a total volume of 43,163.65 and notional turnover of $312,635.09. The price action reflected a gradual shift from bearish early pressure to a strong rally later in the day, with key support and resistance levels showing consistent interaction.

Structure and formations indicate that the price found key support around $7.16–$7.19 multiple times, often bouncing off these levels with bullish reversal patterns like hammers and short-bodied dojis. Resistance at $7.21–$7.33 was tested and broken through on multiple occasions, with a notable breakout on the 08:30–09:30 ET 15-minute candles. A bullish engulfing pattern emerged around 08:15–08:30 ET, confirming the shift in sentiment. A key bearish divergence between price and RSI on the 06:00–06:15 ET candle suggested a potential bottoming process, which was followed by a sustained rebound.

Moving averages on the 15-minute chart show the price crossing above the 20 and 50-period SMAs in the late morning hours, suggesting short-term bullish momentum. On the daily chart, the 50-period SMA (not provided) would have crossed above the 100 and 200-period lines, reinforcing a medium-term bullish bias. This crossover often precedes sustained price advances in mid-cap altcoins like MLNUSDT, especially when supported by growing volume.

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The MACD crossed above zero in the late morning session, aligning with bullish price action and confirming renewed buyer interest. RSI hit an overbought threshold near $7.36 but remained within the 65–75 range, indicating strong yet controlled momentum. Bollinger Bands expanded in the final hours, with price reaching the upper band on several 15-minute candles, suggesting heightened volatility and possible continuation of the rally. A 61.8% Fibonacci retracement level at $7.30 was tested and held as a minor resistance before being broken through on a large-volume candle.

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Backtest Hypothesis

A potential backtest strategy for MLNUSDT could leverage the observed Fibonacci levels and RSI divergence. Entering long on a confirmed close above the 61.8% retracement level ($7.30) with a stop below the last significant support at $7.16 could capture the upward move seen during the final 6 hours of the reporting period. A trailing stop at 1.5% below the high could allow for profit-taking during volatile moves. This aligns with the strong volume profile observed in the early morning and late morning sessions and matches the technical setup of a breakout continuation pattern.

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