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:
<ul>
 	<li style="font-weight: 400">MLN prices reversed from $21 to retest the $36 mark.</li>
 	<li style="font-weight: 400">The market prices fell by 15% as sellers at $36 overtaken the trend. </li>
 	<li style="font-weight: 400">The 24-hour trading volume of Enzyme is $110 Million, indicating a 3900% boom. </li>
</ul>
<h2>Past Performance of MLN</h2>
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. 

<img src="https://s3.tradingview.com/snapshots/q/qUdB5CIK.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/qUdB5CIK/">Tradingview</a>
<h2>MLN Technical Analysis </h2>
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.
<h2>Upcoming Trend</h2>
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

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?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;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.

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

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