$MERL has demonstrated a strong bullish structural shift in the 1-hour timeframe, indicating a promising outlook.
The price successfully broke out ⬆️ from a clear Triangle pattern to the upside, signaling a strong continuation of the previous upward trend. Currently, the price is consolidating and appears to be performing a retest of the broken upper trendline of the Triangle, which now acts as immediate support, around the $0.36–$0.37 area 🎯.
All Moving Averages show a bullish crossover 🟢, confirming the current upward momentum. Furthermore, the chart reveals multiple "BUY WHALE" signals 🐳 leading up to the breakout, suggesting significant institutional or large holder accumulation that preceded this move. The on-chain data also confirms a whale is actively accumulating this token by withdrawing liquidity from DeFi pools.
Key Levels:
Entry/Support (Buy Zone): The ideal entry is the retest zone at approximately $0.36 to $0.37.
Stop Loss (Invalidation): The Stop Loss 🛑 should be placed below the local structure and key MAs, specifically below $0.328, as a break below this level would negate the bullish breakout.
Take Profit Targets (Resistance):
The immediate strong psychological and historical resistance is found at $0.49 to $0.50 🥇.
A secondary target, if the primary resistance is broken, can be set at $0.55 🥈.
The overall sentiment is Bullish 🐂, favoring long positions, provided the price maintains support above the $0.328 level.
