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The Enzyme price soared 43% in the last 24 hours to trade at $12.47 as of 10:29 p.m. EST on trading volume that skyrocketed 1,521% to $95 million.
Enzyme Price Aims For A Sustained Breakout
The MLN price daily chart reveals a strong breakout following a prolonged downtrend. The Enzyme price had been moving within a falling channel pattern for several months, consistently making lower highs and lower lows.
This bearish trend was further confirmed by the death cross, where the 50-day Simple Moving Average (SMA) crossed below the 200-day SMA, a typical bearish signal.
However, the recent MLN price action has broken out of this falling channel, indicating a potential trend reversal.
The price of Enzyme surged past the 50-day SMA ($11.03) and reached $12.47, with a significant increase in trading volume, reinforcing the breakout. If this momentum sustains, the next significant resistance level to watch is the 200-day SMA at $15.93.
The RSI is currently at 66.94, approaching the 70-overbought zone, which suggests strong bullish momentum.
Meanwhile, the Moving Average Convergence Divergence (MACD) line has crossed above the signal line, showing a bullish crossover. This is a positive sign, suggesting a shift in momentum towards the bulls. The histogram bars turning green further confirm that buying pressure is increasing.
MLN/USDT Chart Analysis (Tradingview)
MLN Price Could Soar To The 200-Day SMA As The Next Resistance
Given the strong breakout from the falling channel, increased volume, and bullish technical indicators, the MLN price is showing signs of a potential trend continuation. The next major resistance to watch is the 200-day SMA at $15.93.
If the bullish momentum persists, a move towards $18-$20 could be possible in the coming weeks.
However, if the Enzyme price fails to hold above $11, a pullback towards $9.50-$10.00 could occur before another attempt at higher levels.
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