Market Overview for Enzyme/Tether (MLNUSDT)

Summary
• Price dipped to 4.94 before rebounding, testing prior resistance as support.
• Volume surged during the 3 AM–5 AM ET consolidation phase.
• RSI indicated oversold conditions briefly, with no strong reversal confirmed.
• Bollinger Band contraction suggested a potential breakout phase late in the session.
• Fibonacci levels highlight 4.96 and 5.02 as critical near-term levels.

Enzyme/Tether (MLNUSDT) opened at $5.00 on 2026-01-07 at 12:00 ET, reached a high of $5.07, a low of $4.94, and closed at $5.04 as of 12:00 ET on 2026-01-08. Total 24-hour volume was 36,540.33, with a turnover of approximately $178,000.

Structure & Candlestick Formations

Price action displayed a bearish engulfing pattern at 5.02 during the early hours of 2026-01-08, followed by a strong pullback. A doji appeared near 5.01 in the early morning, suggesting indecision before the price resumed a bullish bias. Key support and resistance levels emerged at 4.96, 5.01, and 5.03, with these levels appearing to anchor price action and trigger volume responses.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages crossed into bullish alignment around 5.02 in the late evening. The daily chart shows the 50 and 200-period MAs in a bearish cross, but the 20-period MA is trending upwards, indicating some short-term optimism.

The MACD turned positive late in the session, with a narrowing histogram indicating a potential consolidation phase. RSI hit 30 twice, showing oversold conditions, but failed to generate a clear bullish reversal pattern, suggesting bearish momentum remains intact for now.

Volatility and Bollinger Bands

Bollinger Bands contracted around 5.01–5.03 during the 3–5 AM ET period, signaling a possible breakout phase. Price spent much of the day inside the bands, but the late-session push above the upper band at 5.07 suggests a potential continuation in bullish territory if this level holds.

Volume and Turnover

Volume surged during the consolidation phase from 3 AM to 5 AM ET, coinciding with the doji formation and the first RSI oversold bounce. Turnover and volume aligned well during this phase, suggesting genuine interest rather than wash trading. However, volume dipped slightly during the late-session rally, which may raise questions about sustainability.

Fibonacci Retracements

Fibonacci retracement levels drawn from the recent 4.94 to 5.07 swing identified 4.99 (38.2%) and 5.03 (61.8%) as critical support and resistance levels. Price action has shown hesitation around these levels, suggesting they could become key decision points in the near term.

Traders may see continued volatility as price tests key Fibonacci and moving average levels. While the bullish momentum appears to be gaining traction, the bearish cross on the daily MA suggests caution. A breakdown below 4.96 could reignite short-term bearish pressure.