Market Overview for Enzyme/Tether (MLNUSDT)

• Price dropped from $7.97 to $7.16 over 24 hours, with volatility increasing late into the session.
• Strong bearish momentum confirmed by RSI below 30 and MACD bear cross.
• Volume surged during the sell-off, with $7.25–7.30 forming a key resistance cluster.
• Bollinger Bands expanded as price fell near the lower band, signaling potential bounce or continuation.
• Fibonacci 61.8% level at $7.16 coincided with a recent low, suggesting potential consolidation.

Enzyme/Tether (MLNUSDT) opened at $7.97 on 2025-09-21 12:00 ET, reached a high of $7.99, a low of $7.16, and closed at $7.16 as of 2025-09-22 12:00 ET. Total volume for the 24-hour period was 41,084.151, and notional turnover was $313,938.00. The pair experienced a sharp decline late in the session, with a clear bearish bias emerging.

Structure & Formations

Price action revealed a bearish breakdown from the $7.80–7.90 resistance cluster, confirmed by a bearish engulfing pattern and a shooting star at the top of the 24-hour range. A large bearish candle on 2025-09-22 06:15 ET (closing at $7.29) marked the start of a rapid descent, with $7.16 forming as a critical support level. The $7.25–7.30 range appears as the next potential resistance if a rebound occurs.

Moving Averages

On the 15-minute chart, the 20SMA crossed below the 50SMA, forming a death cross, reinforcing the bearish trend. The 50EMA has also dipped below the 100EMA and 200EMA on the daily chart, indicating a long-term bearish setup. Price remains well below all key moving averages, with little indication of reversal unless it retests the 50EMA at $7.33–7.35.

MACD & RSI

The MACD turned negative and remained well below the signal line throughout the 24-hour period, confirming bearish momentum. The RSI dropped sharply to 28, indicating oversold conditions, but divergence remains weak unless a strong rebound occurs. The MACD histogram expanded as the sell-off accelerated, suggesting continued downward pressure in the near term.

Bollinger Bands

Bollinger Bands expanded significantly as price dropped below the lower band at $7.16. This contraction-expansion cycle is a key volatility signal. Price may test the middle band at $7.42 as a near-term target if the trend reverses. For now, the bands confirm bearish momentum and may act as a trigger if the price breaks above the upper band during a rebound.

Volume & Turnover

Volume spiked dramatically during the sell-off, particularly between 06:15 ET and 09:00 ET, with the $7.45–7.25 range witnessing the most aggressive selling. The notional turnover during this period was $133,000, or 42% of the 24-hour total. Price and turnover are aligned on the bearish side, with no signs of divergence to suggest a reversal.

Fibonacci Retracements

Fibonacci levels on the 15-minute chart suggest $7.16 as a 61.8% retracement level from the recent high at $7.99, aligning with the current support. A break below this level could target the 78.6% retracement at $7.08. On the daily chart, the 38.2% retracement at $7.54 may act as a short-term resistance if a bounce forms.

Backtest Hypothesis

The backtest strategy relies on MACD crossover confirmation and RSI oversold signals to identify potential reversal points in a bearish market. Based on today’s action, a short entry could be considered if the MACD crosses back above the signal line and RSI breaks 50, signaling a possible rebound. A stop loss could be placed just below $7.16, with a target at $7.25–7.30. A long entry is unlikely unless a strong break above $7.45 occurs with increased volume.