the1747trader

MLN Weekly (low risk long-term hold)

Long
KRAKEN:MLNXBT   Melon / Bitcoin
Hi everyone,

Looks like virtually everything is in an uptrend so here's another of my picks for the coming run (assuming this continues). MLN is something I saw a couple years ago but never picked up, and now I think it's a good a time as any to hop in.

Averages are all positive and strong, RSI is above 50 which indicates that it is currently in an uptrend, and it's very close to sitting directly on its weekly supports which means that this is a fairly low risk entry considering the upside here. BTC ratio just recently confirmed positive as well after quite a bit of consolidation.

The fib ext will be based on the DeFi run high of mid 2020 and that puts the major target at around 940 which is more than an 800% run from the current price of ~115. This might seem insane but nothing is impossible in these runs and its only sitting at a 200 million(!) marketcap which is NOTHING in this market. The best entry right now would be around $95 or a BTC pairing of 0.002200. An exit would depend on moving average interactions with the price, an RSI break below 50, and the pennant trendline.

Good luck!
Comment: Short term target updated to 220.