Market Overview for Enzyme/Tether (MLNUSDT)

Summary
• Price action showed a bullish breakout above key resistance near $4.99.
• Volume increased significantly during the breakout phase, confirming buying interest.
• RSI reached overbought territory, suggesting a possible near-term pullback.

Enzyme/Tether (MLNUSDT) opened at $4.96 on 2026-01-16 12:00 ET, reached a high of $5.03, a low of $4.94, and closed at $5.00 on 2026-01-17 12:00 ET. Total volume was 35,728.22 units, with a notional turnover of $177,871.73.

Structure & Formations

Price tested and broke through a key resistance level near $4.99, followed by a bullish continuation above $5.00. A series of bullish engulfing patterns emerged after 20:45 ET, reinforcing the upside bias. A doji at $4.96 marked a short-term pause before the resumption of upward momentum.

Moving Averages

On the 5-minute chart, the price closed above the 20-period and 50-period moving averages, suggesting a short-term bullish setup. The 200-period daily MA is likely near $4.95–$4.96, providing a longer-term baseline for support.

MACD & RSI

The MACD crossed above the zero line and showed positive momentum, while the RSI pushed into overbought territory (above 70), indicating a potential pause or consolidation phase. The price may retest the $5.00 level before continuing higher.

Bollinger Bands

Volatility expanded during the breakout phase, with the price moving near the upper Bollinger Band. This suggests increased conviction among buyers. A retest of the mid-band or lower band could trigger a correction.

Volume & Turnover

Volume and turnover spiked between 15:30 and 16:45 ET as the price surged past $5.00. This confirms strong institutional or large-cap buyer involvement. No major divergences were observed, indicating alignment between price and volume.

Fibonacci Retracements

A key Fibonacci retracement level at 61.8% (~$4.99) coincided with a breakout. The price now appears to be targeting the next leg higher above $5.03.

The market appears to be favoring bullish continuation, with clear signs of buying momentum and volume confirmation. However, traders should remain cautious as overbought conditions may invite a near-term retracement. Volatility remains elevated, and unexpected news or macro shifts could alter the trajectory.