MLNUSDT Slumps Near Key Support as Volatility Peaks

Summary
• Price opened at $3.60 and closed near $3.56 after a choppy 24-hour range between $3.51 and $3.67.
• Key resistance appears at $3.65–3.67, with support consolidating around $3.54–3.56.
• Volume and turnover spiked sharply during late ET hours, signaling increased short-term interest.
• RSI shows moderate oversold readings, suggesting potential for a near-term bounce.
• Bollinger Band expansion indicates elevated volatility, with price hovering near the lower band.

Daily Price Summary

Enzyme/Tether (MLNUSDT) opened at $3.60 on 2026-02-06 at 12:00 ET, reached a high of $3.67, and closed at $3.56 on 2026-02-07 at 12:00 ET. The 24-hour volume was 50,222.85, with a notional turnover of approximately $181,975.

Structure & Formations

The price action over the 24-hour period shows a bearish consolidation between $3.51 and $3.67. A notable bearish engulfing pattern formed around 19:00–20:00 ET, followed by a doji at $3.63–3.65, indicating indecision. Key support appears at $3.54–3.56, with resistance clustering between $3.65 and $3.67.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages are converging lower, currently positioned just above $3.60 and $3.62, respectively. The price is below both, which may suggest short-term bearish bias. On the daily chart, the 50/100/200 SMA alignment remains neutral, with no clear directional bias.

Momentum & Overbought/Oversold Conditions

The RSI (14-period) reached an oversold reading of 29 early on February 7, suggesting potential for a short-term rebound. The MACD histogram shows a bearish divergence during the late ET hours, with price action failing to follow through on lower lows.

Volatility and Bollinger Bands

Bollinger Bands expanded in the early hours of February 7, indicating increased volatility. The price has been hovering near the lower band, a sign of potential buying interest if a bounce occurs.

Volume and Turnover Analysis

Volume surged significantly between 16:00 and 17:00 ET, with a corresponding spike in turnover. This suggests increased market participation and potential positioning ahead of the close of the 24-hour window. The price and turnover action are aligned, supporting the bearish trend.

Fibonacci Retracements

On the 5-minute chart, recent swings suggest key retracement levels at $3.62 (38.2%) and $3.60 (61.8%). A break below $3.54 could extend the move toward the next Fibonacci level at $3.48.

Over the next 24 hours, the market may test the key support at $3.54 and resistance at $3.65. A close above $3.65 could signal renewed bullish momentum, but a failure to hold above $3.54 could increase downside risk. Investors should monitor volume and RSI levels for early signs of trend reversal.