trend in JapanThe current price is around $0.3041, which has changed significantly over the past few months. This token is traded in various exchanges such as OKX, Bybit, Gate.io and Kucoin
MERLUSDT trade ideas
MERL (MERLIN) Airdrop SelloffStats according to Coinmarketcap and CoinGecko -
Marketcap ---------------115 million
Fully Diluted Marketcap---1 billion
Circulating Supply ------226.5 million
Total Supply ------------2.1 billion
All Time High (release) -----$1.54
Total Value Locked (BTC before airdrop began) - 2.8 billion - which is amazing!
The current situation is that people are unloading their airdrop tokens onto the market as exchanges are buying bags to trade.
A lot of these new Layer 2 narratives are great projects but they start out with high marketcaps from their total value locked up air drop incentive. Simply put, buying and selling has not yet stabilized the price action so we see a freefall.
The timing is perfect due to market drop and Japan economic status news mixed with BTC profitability for mining cost (53k ish) for bearish momentum.
There will be a bottom. I suspect it will be at the marketcap liquidity ratio of the holders which is very hard to calculate at the moment. So to give you some sort of target (not financial advice) -
I would look to long around BTC getting a confirmed uptrend from 50 - 53k. MERL could be around .4 cents by then but what do I know?
MERL - Possible bottom at listing priceMerl dropped all the way to its listing price, more than 80% correction as we speak. If you study other assets this often results in a trend shift. I will give this a try with stops just below the daily low and let it ride for a few weeks. I have no idea where this is going to top, but looking at the market cap there is a lot of growth potential.
Stay safe!
#MERL $MERL BULL CHART LOGN #NOANFAMTURQUOISE:MERL #MERL Contract on a 2-hour timeframe. Here are the key points of the analysis:
Descending Channel and Breakout:
The price was initially in a descending channel, showing a consistent downtrend.
A breakout from the descending channel occurred, indicating a potential reversal or strong bullish momentum.
Horizontal Support and Resistance Levels:
The chart highlights critical horizontal support and resistance levels. Notably, resistance levels at approximately 0.5675, 0.5297, and 0.4995.
The current price is testing the resistance levels, which if broken, could further confirm the bullish trend.
Trendline Support:
A diagonal trendline has been drawn post-breakout, acting as dynamic support. This trendline helps in trailing the stop loss according to the upward trend.
Risk-Reward Ratio (R:R):
The chart shows a favorable risk-reward ratio of 7.55, indicating that the potential reward significantly outweighs the risk. This is depicted by the green and red shaded areas.
The entry point for this trade setup is around the breakout area with a stop loss just below the breakout point.
The target for this trade is set at a significantly higher level, maximizing potential gains while minimizing losses.
On-Balance Volume (OBV):
The OBV indicator shows a breakout and retest, which is a bullish sign indicating that the buying volume is supporting the price increase.
In summary, the chart suggests a strong bullish setup with a breakout from a descending channel, confirmation through horizontal resistance levels, and a favorable risk-reward ratio. The use of trendlines for trailing stop loss is emphasized to protect gains as the price continues to move upward.
Enter at $0.23-$0.25Merlin chain has lost all investor and buyer confidence. There exist a couple of issues surrounding the Layer 2 ecosystem. Merlin can, however, provide a good entry point at $0.23 to 0.25 area—a probable long, if all the end-of-May updates are to be taken positively by the community. Also, the entry price is a safety net, considering the linear unlock mechanism designed to release tokens monthly.
NOTE: Not Financial Advice.
merlin 50% target ALL trading ideas have entry point + stop loss + take profit + Risk level.
hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. Please also refer to the Important Risk Notice linked below.
Disclaimer
MERL long setup ALL trading ideas have entry point + stop loss + take profit + Risk level.
hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. Please also refer to the Important Risk Notice linked below.
Disclaimer
