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Vikram
May 16, 2022
by Vikram

MLN Technical Analysis: Failing To Surpass $35, Uptrend Spirals Down

MLN
MLN prices fail to sustain a prolonged uptrend as selling pressure grows at $35, resulting in a sharp 15% fall. Should you expect a $20 breakdown?

Key technical points:

  • MLN prices reversed from $21 to retest the $36 mark.

  • The market prices fell by 15% as sellers at $36 overtaken the trend. 

  • The 24-hour trading volume of Enzyme is $110 Million, indicating a 3900% boom. 

    • Past Performance of MLN

    MLN prices break under the crucial psychological support level of $50 after facing multiple rejections from the 100-day EMA. The consolidation breakout rally results in a 55% within a fortnight to find lower price rejection at $21. The long-tail formations influence a sharp V-shaped reversal to test the $35 mark. 

    TradingView Chart

    MLN Technical Analysis 

    The V-shaped reversal in the MLN prices faces opposition at the $35 mark resulting in a bearish candle of 15%. This reversal increases the chances of a $30 breakdown to retest the $21 level. Furthermore, the negative turnaround lowers the chances of a bullish attempt to end the lower low formation.

    The consolidation breakout rally significantly increased the bearish trend momentum in the crucial EMAs (50, 100, and 200-days), resulting in an increased bearish spread. Moreover, the bearish aligned 50 and 100-days EMA will continue to provide dynamic resistance and halt the bullish attempts.

    The sharp reversal in RSI values from the oversold territory surpasses the yellow line of the 14-days average. The breakout reflects a boom in the underlying bullishness, but the reversal undermines it immediately. However, the bullish crossover of the DI lines reflects a trend reversal moment. 

    In short, the MLN technical analysis depicts a high probability of a bearish retracement to the $21 mark.

    Upcoming Trend

    If the sales increase throughout the day, MLN prices could surpass the $30 mark and hit the $21 mark. But, if buyers hold off on the $30 threshold and the price rises, it could result in an extended uptrend that will eventually surpass $35, and then reach the top of $50.

    Support Levels: $30 and $21

    Resistance Levels: $35 and $50

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    Enzyme MLN
    MLN Technical Analysis: Failing To Surpass $35, Uptrend Spirals Down
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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