With increasing bullish pressure, the price of the MLN token rises. In the coming weeks, the bull run could result in a 50% price increase.
Enzyme (formerly known as the Melon Protocol) is powered by MLN, an Ethereum token, and aims to facilitate asset management on-chain for the DeFi ecosystem.
Users can use MLN to create, share, explore, and manage DeFi investment strategies known as “vaults.” Meanwhile, filters are being applied based on historical performance and risk profiles. Furthermore, MLN can be used to fund a variety of functions throughout the vault creation and investment lifecycle.
MLN’s Previous Performance
Enzyme prices have risen by 23.20 percent in the last seven days. Enzyme prices have dropped 3.79 percent in the last 24 hours.
Today’s enzyme prices are $150.59, with a market cap of $171.073,445. Within the last 24 hours, the MLN’s price has dropped by 3.7 percent. It has a circulating supply of more than 1.5 million MLN coins, with a total supply of 1.82 million.
Let us now examine the technical aspects of the Enzyme cryptocurrency.
MLN Technical Evaluation
The MLN coin price is approaching a critical resistance zone near $165. In June 2021, a drop of more than 60% was observed from this resistance zone. However, the current uptrend’s increased bullish momentum suggests the possibility of a breakout.
Following a bearish reversal from the resistance zone, the price may fall to $130 or $100. However, a bullish breakout will result in a gain of more than 30%. Enzyme cryptocurrency prices may face resistance near the $185 to $215 mark, increasing bearishness.
In the daily chart, MLN crypto is trading below all of the critical Exponential Movement Averages. Furthermore, the EMAs maintain their bullish alignment, implying an underlying strong bullishness.
On the daily chart, the MACD and signal lines are both above zero. As a result, this indicates a buy signal. Furthermore, bullish growth projected by increasing bullish histograms adds weight to the sell signal.
The RSI indicator’s slope indicates a strong bullish trend. As the RSI slope rises above the central line, this is visible. The slope has risen from 47 percent to 57 percent.
The MLN token may break above the $165 resistance zone, according to Enzyme’s technical analysis. Several indicators point to a possible breakout, and the price action indicates a strong uptrend. However, investors can avoid false breakouts by waiting for a retest.