$MERL is showing clear signs of exhaustion after failing to hold the recent breakout gains. Price has been sharply rejected from the upper zone near 0.3800 with a series of strong red candles and elevated selling volume, indicating buyers are losing control.

The decisive breakdown below 0.3500 support and formation of lower highs confirm distribution is active, with a high-probability corrective move toward lower demand zones if price fails to reclaim 0.3500.

Trade Setup

Entry Range: 0.3400 – 0.3425

Target 1: 0.3200

Target 2: 0.3100

Target 3: 0.2900

Stop Loss (SL): 0.3600

MERLBSC
MERLUSDT
0.24369
+2.19%