Enzyme $MLN — Momentum watch after a high-volume breakout

Snapshot (chart attached)

Price: ~$8.07 intraday after a sharp push; 24h change +51%.

24h volume: $42.8M+, Vol/MC approximately equal to 1.82 which means heavy participation relative to size.

Market cap: ~$24.25M (approximately #782 by rank).

Intraday RSI signals: RSI(6) approximately 71 on the screenshot (short-term hot), while 14-day RSI approximately 59.9 (neutral-to-bullish, still room if momentum persists).

What’s driving it

Access expansion: SwissBorg exposed Enzyme-based staking vaults to 800k+ users.

Product breadth: 1,000+ non-custodial vaults live; BTC covered-call options via Myso broaden strategies.

Token design: protocol fees (in ETH) buy and burn MLN → structural deflationary pressure.

Tape context: rebound from oversold levels + strong follow-through buying.

Levels I’m trading

Support: $7.50–$8.00 (holds keep momentum intact).

Resistance: $8.80–$10.20; community targets $9.50–$10.50.

Trigger to watch: clean 1H/4H close above ~$8.90 opens the upper band.

Tactical plan (how I’d approach it)

Momentum entry zone: $7.60–$8.50 on constructive pullbacks; partial size, not full send.

Profit window - Scale out into $9.50 to $10.50 if strength persists.

Risk line - Stop discipline around $6.80 to $7.80 depending on entry. Invalidate on a firm close back under $7.50 with falling volume.

Confirmation cues - Rising OBV / steady 24h volume, higher lows on 15m to 1h and wick rejections absorbed at $8s.

Fear & Greed is 27, rally may be idiosyncratic/speculative vs broad market and fragile if BTC wobbles.

Liquidity risk: for a micro-cap, volume can vanish fast → air-pocket pullbacks to $6.50–$7.50 are possible.

Trend reality: higher-timeframe MAs still lag; treat it as a momentum trade, not a new secular trend (yet).

TL;DR

MLN is squeezing on real volume with supportive fundamentals (vault growth, integrations, burn model). I’m respecting the move above $8 while demanding confirmation over $8.90 for a push toward $9.5–$10.5.