Enzyme (MLN) Holds $9.05 As Triangle Pattern Forms Between Key Support and Resistance

Enzyme (MLN) trades near $9.05 after a 4.6% daily increase, with support at $8.53 and resistance at $9.11.

The four-hour chart shows MLN consolidating in a triangle pattern, with resistance at $9.47 and $10.32 marking key levels.

MLN’s 24-hour range remains between $8.53 and $9.11, highlighting a tightening structure ahead of a possible breakout.

Enzyme (MLN/USDT) maintained steady trading momentum around the $9.05 mark after recording a 4.6% increase over the last 24 hours. The token gained additional strength against Bitcoin and Ethereum, rising 5.8% and 6.0% respectively. TradingView data shows that MLN is consolidating within a triangle formation, with price action approaching a breakout zone.

Support and Resistance Levels

At the current level, MLN trades close to immediate resistance at $9.11 while holding support at $8.53. Price movement across the four-hour chart indicates repeated tests of these levels throughout the past week. The highlighted green support zone confirms an area where buyers have previously entered, preventing deeper retracements.

In the meantime, resistance lines are marked at 9.47 and 10.32, with the red dots highlighting major obstacles to overcome. These two horizontal levels combined with the converging nature of these trend lines create the possibility that a breakout will occur, as the pattern approaches completion.

MLN Price Nears $8.96 Resistance as Triangle Pattern Tightens

Over the past two weeks, MLN established higher lows while facing consistent rejection at the upper boundaries of the triangle. The pattern reflects sustained accumulation near support, followed by attempts to retest resistance. Notably, the price reached $8.94 during the latest trading session, positioning just under the $8.96 marker on the chart.

The projected blue box extending beyond the structure indicates the potential trading range in case of expansion. This aligns with the narrowing space between support and resistance, which continues to tighten as price moves closer to the apex of the triangle.

Market Behavior and Current Positioning

Current action features a steady increase during the 24-hour period, with prices fluctuating between $8.53 and $9.11. The current consolidation is impressive, with investors observing how the token reacts once it breaches these levels.

At the time of recording, MLN sustained its price at $8.94 while maintaining its position above the defined support zone. The bigger four-hour chart highlights the ongoing battle between buyers and sellers, with the direction of the next movement relying on which side gains the advantage.