BitcoinMacro

Enzyme - The strongest survivor of the 2018 bear market

Long
KRAKEN:MLNUSD   Melon / U. S. Dollar
MLN fell 99.3% both vs BTC & USD, in one of the most brutal bear markets. It had very few listings and was essentially only listed on Kraken, until the DeFi summer arrived. Enzyme was called Melon and it was one the oldest, smallest and most well managed ICOs in terms of how they spent their money. They really went through some very tough times and it was one of the projects I've been following for years purely because it was on Kraken and it was one of the oldest ones. Recently Melon evolved and its 2.0 version is much much better than its 1.0 version, hence why it has attracted so many listings like Coinbase & Binance, and before that Huobi.

In 2019 MLN had an insane capitulation and then got in 1 year long accumulation zone at extremely low prices. Essentially sellers got destroyed and that's why when Uniswap and DeFi summer arrived, MLN had a monster run. Despite all its major listings it is still below its Summer 2020 highs and was a terrible performed up until the market crashed in May. In my opinion MLN was in accumulation both at the bottom in 2019-2020, but also in April-May 2021 as some people within Coinbase knew the listing was coming. The reason is that it showed a lot of strength and had a huge spike when the listing got announced, and those spikes keep occurring.

Something very important to note is that it keeps having some major spikes that then tend to reverse, but not completely. Each time they are forming an equal or a slightly higher low and this way it keeps pushing higher. Now that it has formed a double top at 0.005-0.0055 and it has found support at 0.003-0.0035 (strong resistance turning into support), it could soon have another major spike to the upside.

Of course due to the fact that the market overall does look a bit shaky and we could get a major correction either due to regulations or due to a stock market correction, MLN might take a hit in the short term, but it is definitely one I'd be paying attention to and want to add on dips.