$MERL is pulling back to $0.0505, down 4.1%, and this move looks more like cooling than breakdown. From a trading perspective, the rejection near $0.054 came with fading momentum, while price is now sitting close to a short-term demand zone around $0.049–0.050. Volume is light compared to recent activity, which usually signals sellers are not aggressive. As long as MERL holds above this base, it remains a range-play asset rather than a trend failure. A reclaim of $0.052–0.053 could quickly flip sentiment back to bullish continuation.

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