Marlin Price Surges 41% as Analyst Predicts a 22% Jump to a New High

Highlights:

• Marlin price has surged 41% in the last 24 hours to trade at $0.02363.
• Analyst Jason says buyers still hang tightly onto their rope after the retracement.
• A close above $0.02805 may trigger the bullish momentum and increase the price.

The Marlin price has surged 41% in the last 24 hours to trade at $0.02363 as of 5 a.m. EST on an 878% pump in trading volume to $122 million. According to analyst Jason Ness, the POND/USDT trading pair had successfully defended critical support pegged at $0.01756, indicating strong buyer appetite at the given zone.

Buyers still hang tightly onto their rope after the retracement, keeping the price consolidated. It needs a good close above its key resistance, pegged at $0.02805, to provide a breakout at this consolidation zone and confirm the momentum is truly bullish.

Jason said that further extended consolidation within this area could form the ground for a strong price rally because, more often than not, accumulation precedes a breakout. A close above $0.02805 may trigger the bullish momentum and take the price to higher levels. Conversely, a break below $0.01756 will invalidate the bullish view, and the price might turn down to test lower levels.

Marlin Statistics

• Marlin Price: $0.02363
• Market Capitalization: $191 million
• Trading Volume: $122 million
• Circulating supply: 8 billion
• Total supply: 10 billion

Marlin Price Faces a Downturn-Can the Bulls Regain Momentum

The POND/USD 15-minute chart highlights several key technical patterns and indicators. The price is currently at $0.02363, a loss of 1.94%. Meanwhile, the 50-period SMA is at $0.02387, well above the price and pointing to bearish momentum in the short run.

The chart begins with a phase of consolidation where the price moved horizontally without much volatility until it began to rise sharply, parabolically, due to immense pressure from buyers. Following this surge, the price began a corrective phase characterized by the creation of a bearish descending channel with lower highs and lower lows.

A support zone is visible near the current price level of $0.0225–$0.0227, where buyers might intervene to prevent further declines. The indicators provide additional insights into the market’s current state.

MACD presents weak bearish momentum as the histogram shows a slight negative value and possible bullish crossover because the lines flattened out. The RSI is at 40.09, suggesting mild bearish conditions close to oversold levels. Once the RSI makes a climb above 50, there is a possibility it will reverse to bearish momentum.

For price action, key resistance lies at the top of the bearish channel around $0.0240, with stronger resistance at $0.0260, the peak of the parabolic move. On the other hand, if the support zone breaks, the price could fall toward $0.0215, where prior consolidation occurred.

It is in a corrective phase after a strong upward move. Hence, it may break out further once bulls reclaim the 50-MA and push the price above the bearish channel. If momentum remains weak, it will need more consolidation or a retest to lower support levels.