Merlin chain Token Reaches New Heights Amid Trading Contest adn Asset Surge
Merlin Chain’s token (MERL) has soared to its highest point in months. It reached $0.1622, marking a 132% increase from its lowest point this year. This surge has pushed its market cap over $102 million.
Merlin Chain, a Bitcoin layer-2 network, has seen a important inflow of assets recently. According to DeFi Llama, teh total value locked in the network has jumped to $343 million, up from $85 million this month. This growth is mainly due to Solv Protocol’s assets, which have risen to over $283 million, and MerlinSwap, with over $26.5 million.
The MERL token’s rise is also fueled by a partnership with Binance. They launched a $1 million trading competition. The top 10,000 traders by purchase volume will share 9,840,000 MERL tokens. each winner will receive 984 tokens, worth about $160.
Technically, the MERL price chart shows a strong upward trend. It reached $0.1622 on Friday, its highest as January. This rally follows a triple-bottom pattern at $0.0770. The token has moved above the 50-day moving average and the neckline at $0.1452. The Relative Strength index and MACD also point upwards.
experts predict the token will continue to rise, targeting the 50% retracement level at $0.2881. However, a drop below the $0.10 support level could invalidate this bullish outlook.
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