🚨 $MLN 1D Chart: Is This Correction Running Out of Steam?
Okay, so let me think through what's happening with $MLN right now...
After that crazy run up to 17.18, we're seeing it cool off around 6.97. And honestly? That makes total sense. When something moves that fast, people are gonna take profits. It's just what happens.
But here's where it gets interesting...
The Bollinger Bands are telling us price is sitting below that middle line at 7.25 - so yeah, there's some bearish pressure in the short term. Not gonna sugarcoat that.
Now the RSI though... it's at 52.73. It came down from being way overbought, which is healthy, but it's still above 50. So the momentum hasn't totally died off. That's actually kind of encouraging.
But here's the thing that really caught my eye - and this is probably the most important part - the volume. It's been dropping off pretty dramatically during this whole pullback.
So what does that mean? Well, when price drops on light volume, it usually means sellers are losing steam. They're not really pushing hard anymore.
Look, I'm not saying we're about to rocket back up tomorrow. You've gotta be careful here. But if you're watching the DeFi space and looking for spot entries? This consolidation zone is definitely worth keeping on your radar.
