Enzyme pump and warning signs

Assets covered: Enzyme (MLN)

Metrics used: Active Deposits, Exchange Inflow, MVRV, Network Growth, Supply Distribution

Charts layout: https://app.santiment.net/s/PkV6YwN9

Enzyme is something that is pumping on Thursday when many other coins are not. We'll talk about a few potential top indicators for MLN.

Active Deposits

The amount of MLN tokens being deposited to exchanges is going through the roof:

Looks like a beginning of the end for the rally. Why? Well, if history repeats itself, deposits spike are marking the local tops. You can see it on the chart. Especially when the last spike is highest since May. Each spike is representing crowd rushing into exchanges with their MLN looking to probably sell their bags. Strong sell pressure is never good for a coin.

Exchange Inflow

Increased sell pressure is also clearly seen on exchange inflow spike:

Same thing: lot's of tokens flowing into exchanges. Highest spike since May. Well, since August 2020 in fact.

All looking very toppish.

MVRV

Short term 30d MVRV is quite high and very close to a previous local top level:

Definitely entering an unsustainable zone.

Network Growth

We would want to see a steady rise of this metric for a healthy growth. Is it visible?

No, the opposite is visible. Very little new holders joining Enzyme. Bearish.

Whales

Supply Distribution by balance of addresses

It seems like two groups are actually whales: holders from 100 to 1000 MLN and from 1k to 10k MLN. Looking at these two combined they just started to acquire some new MLN.

But it may be decent. Cause they bought the dips but completely missed last pump three weeks ago. Not a super smart money. Still this is what the whales are doing at the moment. A little bit of an uptick over the last 36 hours or so, but not super strong.

Definitely more than enough toppish signals in MLN. But after the correction Enzyme might be able to pump a little more.

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.