MLN Technical Analysis: Price Heads Towards $200 Mark
MLN, an Ethereum token, powers Enzyme (formerly known under the Melon Protocol), which aims to facilitate asset management on-chain for the DeFi ecosystem.
MLN lets users create, share, explore, and manage DeFi investment strategies called "vaults." Meanwhile, filtering according to historical performance and risk profiles. In addition, MLN can be used to fund various functions during the vault creation and investment lifecycle.
Past Performance of MLN
In the last seven days, Enzyme prices have risen by 23.20%. In the past 24 hours, Enzyme prices have fallen by 3.79%.
Enzyme prices today, at publishing, are $150.59 with a market cap of $171.073,445. The MLN's price fell by 3.7% within the last 24 hours. It has a circulating supply above 1.5 Million MLN coins and an overall supply of 1.82 Million.
Let us now look at the technical analysis of Enzyme cryptocurrency.
Source - Tradingview
MLN Technical Analysis
MLN coin price faces a crucial resistance zone near the $165 level. A downfall of more than 60% was observed from this resistance zone in June 2021. However, the increased bullish momentum in the present uptrend projects the possibility of a breakthrough.
A downfall to $130 or $100 can be observed upon the bearish reversal from the resistance zone. However, a growth of more than 30% awaits upon bullish breakout. Enzyme cryptocurrency prices could encounter resistance near the $185 to $215 mark, which would increase the bearishness.
MLN crypto is trading below all essential Exponential Movement Averages in the daily chart. Furthermore, the EMAs sustain their bullish alignment projecting underlying solid bullishness.
MACD and signal lines on the daily chart are higher than the zero mark. Therefore, this indicates a buy signal. Also, bullish growth projected by the increasing bullish histograms add points to the sell signal.
The slope for the RSI indicator indicates a strong bullish trend. Evident as the RSI slope heads higher than the central line. The slope is at 57% after rising from 47%.
Upcoming Trend
According to Enzyme's technical analysis, the MLN token may break above the $165 resistance zone. Various indicators indicate the breakout possibility, and a strong uptrend is evident by the price action. However, investors can wait to enter at retest to avoid false breakouts.