Market Overview for Enzyme/Tether (MLNUSDT)

• Price opened at $8.17 and closed at $7.93 after a volatile 24-hour session with a high of $8.25 and low of $7.87.
• Notable bearish momentum emerged late in the 24-hour window, with a 10-hour decline in price from $8.2 to $7.93.
• Volume spiked to 4,645.329 at $7.93 following a sharp selloff from $8.02, indicating high conviction in bearish sentiment.
• RSI showed overbought conditions early, but moved into oversold territory late, signaling potential short-term reversal risk.
• Bollinger Bands expanded during the selloff, reflecting increased volatility and potential for price consolidation or breakouts.

Enzyme/Tether (MLNUSDT) opened at $8.17 on 2025-09-14 12:00 ET and closed at $7.93 on 2025-09-15 12:00 ET, with a high of $8.25 and low of $7.87. Total 24-hour volume reached 27,334.007, and turnover amounted to $226,598.07.

Structure & Formations

The 24-hour price action for MLNUSDT displayed key support levels forming around $7.92–$7.93 and resistance at $8.17–$8.21. A large bearish engulfing pattern appeared in the candle ending at 2025-09-15 08:30, confirming a shift in sentiment. A doji formed at 08:45, suggesting a potential consolidation or reversal point.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA crossed bearishly around $8.17–$8.15, confirming a short-term downtrend. Daily moving averages (50/100/200) suggest medium-term bearish bias as price fell below the 50DMA, reinforcing bearish momentum.

MACD & RSI

The MACD crossed below the signal line at $0.03, indicating bearish momentum. RSI dipped below 30 late in the session at $7.93, signaling oversold territory and potential for a short-term rebound. However, a divergence between price and RSI suggests caution for continuation of the bearish trend.

Bollinger Bands

Bollinger Bands expanded during the selloff, with price hitting the lower band at $7.87. This suggests heightened volatility and potential for price to consolidate or test the upper band again from a new base, depending on volume action.

Volume & Turnover

Volume surged during the selloff at 2025-09-15 08:15, with 4,645.329 units traded at $7.97, confirming bearish conviction. Notional turnover peaked at $37,162.64, aligning with the price drop. A divergence between volume and price was noted in the final 90 minutes, suggesting decreasing conviction among sellers.

Fibonacci Retracements

Applying Fibonacci levels to the 24-hour swing from $8.25 to $7.87, the 38.2% retracement level is around $8.10, and the 61.8% level is at $8.04. Price found brief support at the 61.8% level before continuing the downtrend, suggesting a potential retest of the 38.2% level if buyers enter.

Backtest Hypothesis

Given the recent bearish divergence in RSI and volume, a possible backtesting strategy could involve a short-entry signal when RSI falls below 30 and volume surges by at least 200% above the 4-hour average. A stop-loss could be placed just above the nearest Fibonacci resistance level, with a take-profit aligned with the next support level. This approach, applied to the 15-minute chart, would aim to capture short-term bearish moves while managing risk with defined targets and stops.