MLN marks 30% intraday gains after Binance listing announcement

MLN marks 30% intraday gains after Binance listing announcement
Image by Yuri_B from Pixabay

Key takeaways:

  • Binance announced listing of BarnBridge (BOND) and Enzyme (MLN) on the exchange.
  • Enzyme’s token, Melon, jumped by 30% once news spread.

NEW DELHI (CoinChapter.com) — Enzyme Finance’s native token MLN climbed powerfully this Monday after Binance announced its addition onto its global trading platform.

In the announcement, Binance stated that ‘MLN/BTC, MLN/BNB, MLN/BUSD, and MLN/USDT’ pairs would be available for trading from 06:00 AM (UTC) July 5. It also specified that the time is indicative for now, and users need to check the actual status on the withdrawal page.

MLN climbed 30% intraday, from the low of $79.944 to the high of $120.174. The jump activated profit-taking among daytraders, which followed a considerable downside correction. At press time, the MLN/USD exchange rate was $101.973.

Previously known as the Melon Protocol, Enzyme Finance is an Ethereum-based protocol. It allows users to create and invest in crypto asset management vehicles. As such, it aims to decentralize asset management. Melon (MLN) is the native token of Enzyme, and it is used to execute various operations on its platform.

Also Read: BNB’s bullish exhaustion visible as Cayman Islands question Binance’s legal status

Melon Council, a decentralized autonomous organization (DAO), manages Enzyme Finance. The protocol uses a buy-and-burn model to incentivize the use of MLN.

Recently, Enzyme (MLN) featured in top DeFi projects by price performance in 2021 by CryptoDep.

MLN price trend

MLN limited its bearish bias fears with the latest upside move.

MLN, MLN marks 30% intraday gains after Binance listing announcement
Melon Daily Chart. Source: MLNUSD on Tradingview.com

For instance, the move uphill pushed MLN/USD above its 50-day (Yellow), 100-day (Red), and 200-day (Blue) simple moving averages waves. If the price corrects further downwards, it may indicate the price jump was a flash in the pan, devoided of strong fundamentals. As a result, investors might hesitate before buying, which could lead to a pullback.

MLN oscillator indicators on the daily chart. Source: MLNUSD on Tradingview.com
MLN oscillator indicators on the daily chart. Source: MLNUSD on Tradingview.com

MLN’s Relative Strength Index, a price momentum indicator, reached 59.16, almost but not yet an overbought signal. Additionally, MACD, which is a trend-following momentum oscillator, is giving off bullish vibes. The MACD signal line (the difference between 12 and 26-day exponential moving average) is now above the MACD signal line (the 9-day exponential moving average. Traditionally, traders interpret such a crossover as a sign to build their long positions.

Also Read: Cardano flashes conflicting technicals on the charts; what’s next for ADA?

The Bollinger Bands, an indicator for deriving overbought or oversold conditions, seem to have expanded, indicating increased price volatility. Immediate support for MLN lies at the $75 price level, while resistance seems strong at $120.

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MLN, MLN marks 30% intraday gains after Binance listing announcement

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