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

• Enzyme/Tether (MLNUSDT) dropped to a 24-hour low of $5.32 before rebounding to close near $5.55 at 12:00 ET.
• Price action formed a bearish breakdown followed by a bullish recovery, with a 15-minute RSI reaching oversold levels below 30.
• Volatility expanded mid-day as volume surged past 26,000, with a sharp 5.4–5.65 consolidation forming.
• Bollinger Bands widened as price tested the lower band at multiple points, indicating increased uncertainty.
• A bullish engulfing pattern emerged during the late recovery, suggesting a potential short-term reversal could follow.

24-Hour Summary and Price Context

At 12:00 ET on October 11, 2025, Enzyme/Tether (MLNUSDT) opened at $5.71 and traded as low as $5.32 before closing at $5.55 by 12:00 ET on October 12. The price reached a high of $5.74 and a low of $5.32 during the session. The 24-hour trading volume amounted to approximately 94,700 units, with a notional turnover of around $503,000. The session was marked by a strong bearish move followed by a sharp reversal in the late hours.

Structure & Formations

Price action over the 24-hour period displayed a strong bearish breakdown from $5.70 down to $5.32, forming a key support zone around $5.31–5.35. This level was tested twice and appears to have held, forming a potential bullish reversal base. Notable candlestick formations include a bearish engulfing pattern during the initial drop and a bullish engulfing pattern during the late recovery. A long lower wick and narrow bodies during the consolidation period suggest indecision and potential exhaustion of the bearish pressure.

Moving Averages and Momentum

The 20 and 50-period moving averages on the 15-minute chart indicate a bearish crossover, with price struggling to hold above the 50-period line until the late rebound. The daily chart shows price remaining below both the 50 and 200-period moving averages, signaling a broader bearish trend. The MACD histogram turned negative early in the session but flipped to positive during the late recovery, suggesting a shift in momentum. The RSI, which fell into oversold territory during the low at $5.32, appears to be forming a potential bullish divergence as price recovered.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly during the price collapse, with Enzyme/Tether hitting the lower band multiple times. As price rebounded, it climbed closer to the middle band, suggesting reduced volatility and a potential consolidation phase. The width of the bands indicates increased uncertainty during the bearish phase and a possible return to a more stable range in the coming hours.

Volume and Turnover

Volume spiked during the bearish breakdown, with the largest 15-minute volume bar exceeding 26,000 units. However, during the rebound, volume remained relatively steady, indicating that the bullish move was not driven by high conviction. Notional turnover also declined during the recovery, suggesting that the buying pressure may be weaker than the selling pressure earlier in the session. This volume profile may indicate a temporary bounce rather than a full trend reversal.

Fibonacci Retracements

Applying Fibonacci retracements to the 24-hour swing from $5.74 to $5.32, price tested the 61.8% level near $5.51 and subsequently bounced off this level. The 78.6% retracement sits at $5.65, a potential resistance target. On the 15-minute chart, price has retraced to the 50% level at $5.53, indicating a possible consolidation area ahead.

Backtest Hypothesis

The backtest strategy described focuses on detecting a combination of bullish engulfing patterns and RSI oversold conditions. Given the 15-minute chart’s recent formation of a bullish engulfing candle coinciding with an RSI near oversold levels, the strategy would have generated a long entry signal. With the 50-period MA beginning to cross back above the 20-period line during the late rebound, and the price retesting the 61.8% Fibonacci level, this setup appears to have provided a favorable risk-reward profile for a short-term reversal trade. The consolidation phase near the 50% and 61.8% retracement levels may offer a natural profit-taking or stop-loss placement point.

Outlook and Risk Considerations

In the next 24 hours, investors may expect a continuation of the consolidation phase or a potential break of the 61.8% Fibonacci level at $5.65, which could signal a larger reversal. However, the broader daily trend remains bearish, with price still below key long-term moving averages. Traders should remain cautious of any false breakouts or pullbacks toward the $5.31–5.35 support zone. A breakout above $5.67 could indicate a stronger bullish reversal, but without a confirmation in volume and momentum, it may be premature to assume a full trend reversal.