The MERLUSDT coin shows a strong and consistent upward trend (with an increase of more than 15%), as the price is forming higher highs and higher lows in a healthy manner. The current price is around 0.40914 dollars, and it is near a previous peak (around 0.4250 dollars), making this point a critical resistance area.
💡 The strategic trading plan
The strategy is to follow and hold for those who own it, and to look for a new entry point either on the correction or when confirming the breakout.
🎯 Potential price targets and buy/sell zones
• Suggested buying areas (support):
The nearby and good support area for buying is between $0.3800 and $0.4000. This represents buying at any potential healthy correction before continuing the rise.
• Near-term price target (initial resistance):
The initial target is to test and break the previous peak in the range of $0.4250 to $0.4350.
• Strategic target (extension):
If the breakout is successful, the following strategic targets, using Fibonacci extensions or measuring, will be around $0.4500 then $0.4700.
• Suggested selling areas:
Partial profit-taking should be considered once the price enters the area above $0.4400, especially if there is no strong momentum.
🧭 Scenario targets and trader recommendations
1. Bullish scenario (what will happen to the currency): The currency is likely to continue its rise and test higher levels if it successfully breaks $0.4250 with stability and a good close.
2. Bearish scenario: If it fails to break the peak and drops below $0.3800, a deeper correction towards $0.3600 may begin.
3. Recommendations for traders: Monitor the breakout level carefully. It is advisable to set a stop-loss below $0.3700 to protect profits and capital. A new entry is preferred after a correction or after confirming the breakout.