Market Overview for Enzyme/Tether (MLNUSDT)

Summary
• Price declined 10.08% in 24 hours, forming bearish momentum and a potential breakdown from key support.
• Volume surged in the late ET session, confirming the bearish bias with a 4.73–4.53 range consolidating bearish pressure.
• Bollinger Bands show price near the lower band, suggesting elevated volatility and potential oversold RSI conditions.
• A 5-minute doji and a bearish engulfing pattern at 4.71/4.70 may signal short-term reversal risks.

At 12:00 ET on 2025-12-17, Enzyme/Tether (MLNUSDT) opened at 4.83, reached a high of 4.85, a low of 4.52, and closed at 4.58. Total volume for the 24-hour period was 67,826.82, with a turnover of 316,684.11 USD.

Structure & Formations

Price experienced a sharp decline from 4.85 to 4.52, forming a bearish trendline and breaking below the 4.75 support level. A 5-minute bearish engulfing pattern at 4.71 and a doji near 4.69 suggest short-term bearish pressure with potential for a temporary bounce.

Moving Averages

On the 5-minute chart, the price has remained below both the 20 and 50 SMA lines for most of the 24-hour window, confirming the bearish bias. Daily moving averages are not available in the dataset but would typically indicate a longer-term bearish alignment.

MACD & RSI

The MACD crossed below the signal line in the morning ET session, confirming the bearish turn. RSI reached oversold territory near 30, suggesting potential for a short-term rebound, though bearish momentum remains intact.

Bollinger Bands

Volatility expanded as price traded near the lower Bollinger Band for much of the session, consistent with bearish exhaustion. The band width suggests that volatility could normalize, but a sustained move above 4.75 may require a strong reversal.

Volume & Turnover

Volume increased significantly during the late ET and overnight sessions, with the largest notional turnover occurring in the 05:30–06:00 ET timeframe. Price and volume moved in alignment, reinforcing the bearish trend.

Fibonacci Retracements

The 61.8% retracement level of the most recent 5-minute swing is at 4.63, which price briefly tested but failed to hold. On the daily chart, the 38.2% level at 4.68 may offer temporary resistance or support depending on the direction of the next swing.

Price appears to be consolidating near key Fibonacci and Bollinger levels with bearish momentum intact. A break below 4.53 could extend the downward move, while a sustained rebound above 4.70 may offer limited upside potential. Investors should watch for volume confirmation or divergence in the next 24 hours, as volatility remains high.