Market Overview for Enzyme/Tether (MLNUSDT): 24-Hour Analysis

Summary
• Price formed a bullish engulfing pattern near $5.41, with volume confirming the break above key support.
• RSI bottomed below 30, suggesting oversold conditions, while MACD showed bearish divergence in the final hours.
• Volatility expanded as Bollinger Bands widened during the 12:00–15:00 ET sell-off, with price hovering below the 20-period MA.
• Turnover spiked during the late-night rally, while volume remained moderate, indicating cautious bullish activity.
• Fibonacci retracements highlighted $5.52 as a critical 61.8% level during a key 5-minute bounce.

Market Overview

Enzyme/Tether (MLNUSDT) opened at $5.52 on 2025-12-07 12:00 ET, reached a high of $5.65, a low of $5.31, and closed at $5.54 at 12:00 ET on 2025-12-08. The 24-hour volume was 230,671.62 units, with a notional turnover of $1,259,266. Price action was volatile, with a sharp decline early in the session before stabilizing in the final hours.

Structure & Moving Averages

The price formed a bullish engulfing pattern near $5.41 on the 5-minute chart, which was confirmed by a modest volume spike. The 20-period and 50-period moving averages were below the close at $5.54, indicating a retest of short-term support. On the daily chart, the 50-period MA sits above the 200-period MA, suggesting a mixed near-term outlook.

Momentum & Indicators

RSI hit an oversold level below 30 during the 5-hour decline from $5.65 to $5.31, suggesting a possible bounce. However, MACD displayed bearish divergence in the final 4 hours of the session, with the histogram shrinking while price remained range-bound. The bearish momentum may continue if the 50-period MA is not held.

Volatility and Bollinger Bands

Bollinger Bands widened during the 12:00–15:00 ET sell-off, reflecting increased volatility. Price remained below the 20-period MA for much of the session, staying within the lower half of the bands. A potential breakout above the upper band could trigger a short-term rally.

Fibonacci & Key Levels

Fibonacci retracements on the key 5-minute swing from $5.31 to $5.65 identified $5.52 as the 61.8% level during a critical 5-minute bounce. A break below this level could target the next support at $5.41, aligning with the bullish engulfing pattern.

Price appears poised for a test of $5.52 in the next 24 hours, with the potential for a short-term bounce if buyers step in. However, a failure to hold this level may result in further downward pressure toward $5.41. Investors should watch for confirmation of a reversal or a breakdown.