Attention traders! 🚨 MERL/USDT is in the spotlight and not precisely for good news. Watch out for this drop of -16.63%! A quite strong downward movement is observed.
The price of MERL/USDT is at $0.11452 and the truth is that the trend is clear: bearish. The 7-period moving average ($0.11437) and the 25-period moving average ($0.11391) are above the current price, which confirms selling pressure. Not to mention the 99-period average at $0.12072, which seems like a wall!
If we look at the buying/selling volume, although there are spikes in buying, the Selling Taker Volume has been predominant in the last few minutes, and that, my friends, is a sign that the market is pushing downwards. There is no bullish rally in sight for now.
Manipulation in sight? With such a marked decline and the predominance of sales, it’s easy to suspect that some big players are pushing the price down. Always keep an eye on those "suspicious" movements.
For now, it seems that MERL is looking for support. The minimum in 24h was $0.11154, and if it breaks that level, we could see more blood on the chart. Patience will be key here, and perhaps, an opportunity for those looking to enter on a pullback, but with a lot of caution. HODL with your head and manage the risk!