📉 $MLK BEARISH CONTINUATION: Sellers in Control! 📉

The market structure for $MLK is flashing a clear warning sign. After a brief relief bounce, the price has faced a Lower High rejection, suggesting that the downward momentum is far from over. If you are looking for a high-probability setup, the bears currently have the upper hand.

🔍 Technical Breakdown:

1H Chart Analysis: MLK is trapped in a short-term downtrend. We are seeing a series of lower highs and lower lows. The resistance zone between $0.05680 – $0.05700 has held firm, forcing a price rollover.

Indicator Alerts: * MACD: The histogram is shifting bearish (red) on the shorter timeframes (1m/15m), showing a loss of buying pressure.

RSI: Currently sitting in "no man's land" but trending downward, leaving plenty of room for a drop toward oversold territory.

SuperTrend: The price is trading below the SuperTrend resistance, confirming the bearish sentiment.

Critical Level: The $0.05880 mark is our "line in the sand." As long as the price stays below this level, the path of least resistance is down.

🎯 The "Alpha" Trade Plan:

This is a Short/Sell setup based on the rejection at resistance.

Entry Zone: $0.05600 – $0.05680

Stop Loss (SL): $0.05880 (Crucial to protect capital if the trend shifts)

Take Profit Targets:

💰 TP1: $0.05450 (Initial support)

💰 TP2: $0.05300 (Intermediate target)

💰 TP3: $0.05150 (Major downside extension)

💡 Final Verdict:

The bounce was weak, and the rejection was strong. Watch the $0.05450 support level closely—if it breaks, expect an accelerated move to the downside. Stay disciplined and always manage your risk!

Will MLK hold the support, or are we heading for a deeper correction? Let me know your thoughts in the comments! 👇

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