Marlin (POND) is one of the hottest coins trading on Binance today as the cryptocurrency broke above the resistance at $0.07 and $0.11 as well. The price of the coin surged from $0.06 to $0.168 from 8th September to 11th September.
Therefore, it can be said that the coin will break above the resistance at $0.16 in the long term. In the short term, the coin was unable to break this major resistance.
According to the data presented by Coinmarketcap, Marlin’s price has been trading with a surge in the trading volume by over 115.42 percent. We can also see that the market cap has also risen by over 1.07 percent. While the cryptocurrency has been trading with a bearish outlook today, a detailed Marlin price analysis can be done using technical indicators.
Now considering Bitcoin’s key movement today, it can be seen that the coin was unable to break the resistance at $47K and lost the support at $46K. It can be considered that the price of the coin will go down if Bitcoin is unable to reclaim the support at $46K and drops below the current support of $44.7K. Bitcoin’s movement tracking is essential in tracking the price movement of altcoins.
To track the movement of POND/USDT, we will use our Merlin price analysis based on critical technical indicators that day traders and analysis have used for a long time.
Considering the position of the price movement in the Bollinger Bands as portrayed in the 4-hour chart below, we can see that the price action of POND/USDT failed to break from the upper end of the Bollinger Bands.
While the bulls conquered other resistances, it was hard to break the resistance at $0.16. Hence, in the 4-hour chart below, we can see a price retracement towards the neutral zone of the Bollinger Bands. If the support at $0.09 fails to hold, the price will break out from the lower end of the Bollinger Bands.
On the other hand, the cryptocurrency is trading well above the 50-day and the 100-day Moving Averages on the 4-hour chart. This means that these key levels will hold until the selling pressure gets too high for the buyers to counter. One such situation can come when Bitcoin loses its support at $44.7K.
The RSI indicator on the 4-hour chart is moving from the overbought region to the region where the selling pressure is lower than the buying pressure.
The reading on the RSI is 59, which is a strong indicator for selling the tokens you have and wait for lower RSI levels to follow. The RSI is moving downwards with a negative gradient, indicating that the bears are gradually taking control of the price action.
Another important indicator is the MACD indicator which shows that the MACD or the blue line is trading above the orange or the signal line. But, it can also be seen that the lines are moving closer to each other. A crossover resulting in the movement of the signal line above the MACD line is possible. This is a bearish phenomenon on the 4-hour chart.
The Marlin price analysis can be concluded on a bearish note. But from the splendid performance of the coin in the short term, we can say that this cryptocurrency is a great investment. For a more detailed analysis of other cryptocurrencies available in the market, visit our Price Predictions page.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on September 11, 2021 10:04 pm
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