The market does not always announce the next move with a huge candle.
Sometimes it starts with a quiet green day, rising participation and a coin slowly moving back onto traders’ radar.
MLK is currently around 0.03812 and is up 4.58 percent in 24 hours. That puts it directly on my watchlist as the market starts showing signs of renewed appetite for risk.
The broader crypto environment is heating up again. Total market activity remains elevated, capital flows have improved and Bitcoin is still controlling a large portion of the market. The interesting part comes if Bitcoin begins moving sideways while capital rotates toward smaller assets. That is when coins like MLK can suddenly become much more active.
The first area I want to watch is around 0.0377 to 0.0381. If buyers defend that region and volume continues expanding, the current move could develop into something larger.
The first upside objective is around 0.0400. A convincing breakout above that area could open the path toward 0.0419.
I am not interested in chasing a green candle blindly. I want to see whether buyers can defend the pullback. I also want to see whether larger wallets begin participating because whale activity combined with expanding volume can provide the confirmation that momentum traders are looking for.
EP 0.0377 to 0.0381
TP1 0.0400
TP2 0.0419
SL 0.0366
The setup becomes much more interesting if MLK pulls back, holds support and then attacks the highs with increasing volume.
I’m ready for the move —
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