#MERLUSDT $MERL
Analysis of Support and Resistance Levels
*Main Resistance Level: 0.496 (Highest price reached)
*Medium Resistance Level: 0.470 (Previous trading area)
*Nearby Support Level: 0.410 (Current retracement area)
*Medium Support Level**: 0.375 (Previous retracement area)
*Strong Support Level**: 0.300 (Starting point of strong upward movement)
Analysis of Trading Volume
*Noticeable increase in trading volume** when the price reached the peak at 0.496
*High trading volume** during the downward correction period, confirming the strength of the downward trend
*Decrease in trading volume** while the price attempts to stabilize at current levels
*Total trading volume over 24 hours**: 81.15 million USDT, indicating significant interest in this pair
Overall Technical Evaluation
* The price has seen a strong increase of 94.09% over the past 24 hours
* The price pattern shows a strong upward movement followed by a sharp downward correction
* The recent candles indicate an attempt to stabilize and regain upward momentum
* Consistency between high trading volume and price movement confirms the validity of the trends
Conclusion
The MERL-USDT pair has experienced exceptional growth during the analyzed period, reaching a peak at 0.496 before facing a sharp downward correction. The current pattern indicates an attempt to stabilize at nearby support levels. The last green engulfing candle may signal the beginning of a recovery in upward momentum, but the level of 0.42 should be monitored as resistance.