MLN price was trading above support at $8.61 and edged higher, showing buyer strength in the short-term at the $9.00 area.
The upside gains are capped at 9.20 and resistance is steady as trading remains relatively high.
MLN also participated in relative strength across several major pairs, gaining 2.2% relative to Bitcoin and 5.4% to Ethereum.
The MLN digital asset, or Enzyme, remained balanced in recent trade, breaking the near-term key levels. The token was being traded at $9.07 according to market data on Coingecko on August 16, representing a gain of 2.0% during the previous 24 hours.
Trading activity has remained concentrated between support and resistance, with levels now providing a clearer structure for market observers. The token’s 24-hour low was recorded at $8.54, while the session high reached $9.27. This narrow range reflects a cautious but steady market environment as traders continue monitoring momentum around these values.
Support and Resistance Structure
The current market structure has highlighted the significance of $8.61 as a support level, which has held through recent sessions. On the upper side, resistance remains visible near $9.20, a barrier that has limited upward movement in the short term.
Holding above support has aligned with gradual buying interest, while resistance has continued to cap price action. Notably, the balance between these levels underscores the importance of short-term confirmations for the next market direction.
MLN Trading Volumes and Pair Gains Highlight Stability Within Narrow Price Range
Trading volumes have contributed to this environment, with 781,163.52 MLN exchanged over the last 24 hours. In USDT terms, this accounted for 6.95 million, according to Binance figures. The activity suggests consistent participation despite compressed price ranges. Alongside volume, market pairs reflected additional movement.
Against Bitcoin, MLN stood at 0.00007706 BTC, a 2.2 percent gain during the same period. Performance against Ethereum showed stronger activity, with the token priced at 0.002060ETH, marking a 5.4 percent increase. These gains illustrate relative strength across multiple trading pairs, even as the U.S. dollar pair remained within a tight range. Short-term behavior on the daily chart has further highlighted alternating pushes and retracements, yet stability has continued near the $9.00 zone with analysts forecasting a $15 breakout.
https://twitter.com/NihilusBTC/status/1956616987414585769
The price remained anchored by buyers holding above support, while repeated tests of resistance kept upside restrained. Notably, the intraday pattern has reflected contracting movements, with buyers and sellers active within defined boundaries. Market participants, therefore, continue observing these narrow fluctuations, as holding within the support-resistance band has created a structured setup.
