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

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. Source-Tradingview 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 a...