Market Overview for Enzyme/Tether (MLNUSDT): Volatile 24-Hour Move with Mixed Momentum

Summary
• Price tested $5.02 resistance before retreating, forming bearish reversal patterns.
• RSI near 50 suggests neutral momentum, while volume surged during the $4.90–$5.02 range.
• Volatility expanded after 11:30 PM ET as Bollinger Bands widened, reflecting increased uncertainty.
• A 61.8% Fibonacci retracement level at $4.94 coincided with key support, holding during the early morning.

Enzyme/Tether (MLNUSDT) opened at $4.99 on 2026-01-17 at 12:00 ET, peaked at $5.02, and bottomed at $4.90, closing at $4.95 by 12:00 ET on 2026-01-18. The pair traded on a total volume of 48,348.63 and a turnover of $242,187.88.

Structure & Formations

The 24-hour period saw a failed breakout attempt at $5.02, marked by a bearish engulfing pattern around 10:30 PM ET. Price later retested the $4.90 level, where a bullish reversal candle formed. Key resistance appears at $5.01–$5.02, and support is consolidating around $4.94–$4.95.

Technical Indicators

MACD showed a bearish crossover early in the session before returning to neutral territory. RSI remained in the 45–55 range for most of the day, indicating a tug of war between buyers and sellers. Price remained within the Bollinger Bands, with a noticeable widening after 11:30 PM ET, reflecting rising volatility.

Volume and Turnover

Volume spiked during the $4.90–$5.02 range, with the largest turnover concentrated between 10:30 PM and 12:45 AM ET. The volume-to-price divergence suggests indecision.

Fibonacci Retracements

The 61.8% Fibonacci retracement level at $4.94 held strong during the overnight hours, coinciding with a key support zone. A break below $4.90 would extend the pullback to the 78.6% level at ~$4.85, potentially testing liquidity.

Looking ahead, MLNUSDT may test $5.02 on a bullish breakout, or consolidate within a $4.90–$5.02 range if risk-off sentiment persists. Investors should remain cautious as high volatility and mixed momentum signals suggest a potential for sharp swings.