Enzyme MLN
MLN cycle analysis · chart, confirmed lows and fundamentals
Red List Recovering Phoenix · monthly · score 65 mixed
85.4% below its 365-day high of $9.70 (2025-10-23), +25.2% off the 365-day low. Snapshot 2026-10-21 UTC.
On the Red List.
85% below its rolling 365-day high, 363 days after the high.
Recovering: a monthly swing low has confirmed. The badge coexists with the tier; it is not a completed recovery.
Phoenix monthly: stopped falling by the rules, +25.2% above the Aug 2026 trough. Details below.
Since the previous scan.
Tier, recovering badge and Phoenix state are unchanged between these two observations.
Comparing 2026-10-20 with 2026-10-21 UTC. Classification, not price returns.
Recorded timeline →Where it sits in each cycle
a swing low confirms only when a later bar takes out the low bar's highMonthly
- Last bars
- 2Dr 2Ug 2Dr 2Ug 1r
- Confirmed low
- $1.13 · 2026-08-31
- Position
- 2 of median 4 (max 12)
- Current low
- $1.13 · confirmed
- Cycle-low confidence
- 30%
- Confirmed lows
- 12
Weekly
- Last bars
- 2Ug 1g 3r 3r 1r
- Confirmed low
- $1.25 · 2026-09-20
- Position
- 5 of median 4.0 (max 18)
- Current low
- $1.13 · confirmed
- Cycle-low confidence
- 80% · in band
- Confirmed lows
- 55
Daily
- Last bars
- 1r 2Ur 2Dr 1g 1g
- Confirmed low
- $1.36 · 2026-10-13 (daily)
- Position
- 8 of median 5.0 (max 24)
- Current low
- $1.37 · unconfirmed
- Confirms above
- $1.47
- Cycle-low confidence
- 19%
- Confirmed lows
- 359
The full read, in sentences
- Monthly: forming bar is a red inside bar. Last confirmed swing low 1.13 (Aug 2026), month 2 of a cycle that has typically run 4. Cycle-low confidence 30%.
- Weekly: forming bar is a red inside bar. Last confirmed swing low 1.25 (Sep 2026), week 5 of a cycle that has typically run 4. Cycle-low confidence 80%.
- Daily: bar is a green inside bar. Last confirmed swing low 1.36 (2026-10-13), day 8 of a cycle that has typically run 5. Current low 1.37 is unconfirmed — it confirms above 1.47. Cycle-low confidence 19%.
- Red List: 85% below the 2025-10-23 high; +25% off the 365-day low.
- Phoenix: 97% decline over 29 months, monthly swing low confirmed (next-bar), now +25% above the trough; first weekly pullback after the low confirmed 2026-09-27 (trigger 1.42).
- Gauges: Mayer multiple 0.79 (cheap); -89% vs the 200-week average; -99% from the all-time high.
Has Enzyme bottomed?
A confirmed swing low is evidence of a price pattern, not proof of a final market bottom. Here is what the MLN snapshot records on 2026-10-21 UTC:
Monthly: the last confirmed swing low is $1.13 from 2026-08-31. The current candidate is marked confirmed. The latest monthly bar is still forming.
Weekly: the last confirmed swing low is $1.25 from 2026-09-20. The current candidate is marked confirmed. The latest weekly bar is still forming.
Daily: the last confirmed swing low is $1.36 from 2026-10-13. A newer candidate at $1.37 is unconfirmed; its confirmation level is above $1.47, provided the candidate low is not undercut first.
How bottom confirmation works. Cycle-low confidence is a heuristic score, not a calibrated probability of a profitable trade.
How far is Enzyme below its high?
The Coinbase price snapshot is 85.4% below its rolling 365-day high of $9.70 from 2025-10-23. Separately, CoinGecko reports -99.5% relative to its all-time high of $258.26 in the fundamentals snapshot pulled 2026-10-21.
Different sources and observation times can produce different drawdowns. Compare crypto drawdowns and reference highs.
The recorded history
scan observations, not exact transition timesFirst observed 2026-09-19. 33 observations; absence from a captured scan is unmatched, never recovery.
- First observed: Red List; recovering · Phoenix monthly
Phoenix
stopped falling, by the rules- Peak
- $35.89 · Mar 2024
- Trough
- $1.13 · Aug 2026
- Decline
- -96.9% over 29 months
- Above trough
- +25.2%
- Monthly
- confirmed (next-bar) · trigger $1.51
- Weekly
- confirmed (late (2 bars))
- False bottom
- $2.97 · Feb 2026 (2 higher highs, then undercut)
- Entry
- pullback #1 low $1.25 confirmed 2026-09-27 · trigger $1.42
| decline | 30 |
| confirmation | 25 |
| earliness | 0 |
| stale | 0 |
| false bottom | 10 |
| bluechip | 0 |
Fundamentals
| Liquidity (24h volume / market cap) can you get out | 1.2 % | 2.3 / 15 |
| Supply overhang (FDV / market cap) unlocked supply waiting to sell | 1.0 x | 15.0 / 15 |
| Size (market-cap rank) survivorship | 1725 # | 0 / 15 |
| Usage (price / annualized fees) fees people actually pay to use it (DefiLlama) | 18.6 x | 20.0 / 20 |
| TVL backing (market cap / TVL) capital parked in it (DefiLlama) | 0.05 x | 15.0 / 15 |
| Fee momentum (30d vs prior 30d) is usage growing into the recovery | 92.3 % | 10.0 / 10 |
| Age on Coinbase survived a cycle | 5.4 yrs | 10.0 / 10 |
7 of 7 measurable; score renormalized over what was measurable.
- Market cap
- $5.0M
- Fully diluted
- $5.0M
- 24h volume
- $59.7K
- Circulating
- 3,276,750
- All-time high
- $258.26 · 2018-01-03 (-99.5%)
- TVL
- $96.9M (protocol)
- Fees 30d
- $22.1K
- Revenue 30d
- $22.1K
- Fees 1y
- $106.6K
- Mayer multiple
- 0.792 · cheap
- vs 200-week avg
- -89.0%
- Pi cycle
- 0.233
- On Coinbase since
- 2021-06-10 (1960 bars)
- CoinGecko id
- melon
Continue your cycle research
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