Recently, those paying attention to $MERL should be able to feel a subtle tug: the price repeatedly rushes to the doorstep of $0.5, yet always falls just short.

This range seems to have been etched into the memory of the market; approaching it triggers a large amount of speculation.

$MERL has faced resistance at $0.5 three times; each time a surge in volume attempts to break through, it attracts buying pressure, but the sustainability is consistently lacking, and active funds are clearly unwilling to engage in prolonged battles at this position.

Adding to this is the recent slight pullback in BTC and ETH, which has cooled overall risk appetite, making the market naturally reluctant to push for a breakthrough.

On-chain data shows similar signals: multiple addresses are choosing to cash out near $0.5, with short-term arbitrage sentiment quite consistent, and the ceiling pressure is being continually reinforced.

In other words, $0.5 is not just a price line; it is more like a psychological line. To truly establish a position above it, we need to wait for market sentiment to warm up or for new incremental funds to appear; otherwise, it will continue to linger at the doorstep.

In the short term, the probability of a rebound is extremely low, and the risks significantly outweigh the opportunities.