⚠️ Recently, the trend of $MERL is increasingly resembling an intriguing puzzle. Reviewing on-chain data, it gives off a vibe that the stock 'is going to cool down.' Especially in the past two days, a certain large holder directly dumped 16 million tokens heading straight for Bybit. This is not a small matter, but a clear heavyweight action.
🔗 Transaction details can be found: Merlin Scan on-chain records
🔄 In this curious world of Web3, such on-chain actions are most afraid of triggering a 'domino effect.' A large transfer can easily sway market sentiment. Currently, $MERL does not have a strong trend, and this operation is undoubtedly sounding the alarm for sentiment.
📉 Once buying pressure converges, bears are likely to gain the upper hand. The market mentality shifts from 'ready to go' to 'safety first,' with the overall structure clearly leaning towards a downward trend rather than a breakout.
📊 From a technical perspective:
The K-line shows a shrinking green candle, indicating insufficient momentum;
The MACD death cross is imminent, and the RSI is approaching oversold;
Various signals seem to be shouting: 'Get ready to catch the flying knives.'
💎 If similar large-scale sell-offs occur again, market sentiment may come to a sudden halt, and the price retracing to the 0.2 range will no longer be a guess but rather a high probability trend. Only after cleaning up floating chips might the true beginning of a reversal occur.
🤔 Currently, the market does not seem to have strong support, and it feels more like it's making way for the bears. As an observer curious about Web3, I am temporarily inclined to be cautiously bearish: not rushing to bottom fish, but waiting for the downward space to be fully released and the trend to clarify before looking for opportunities to enter.
🛡️ After all, in the cryptocurrency world, steady progress is necessary to go far.
