The current $MERL indeed resembles a besieged city, where those inside want to break out, while those outside are still observing whether to bottom fish.

The current capital game pattern is relatively clear: the bulls have launched three attacks near 0.5U without breaking through, indicating that high-level follow-up funds are obviously insufficient, and the upward momentum has temporarily exhausted.

Meanwhile, the bearish forces are accumulating—around 70 million OTC shares will be unlocked in mid-December, and the cost of this holding is very low, so any selling could bring significant downward pressure.

In this asymmetric environment of bullish and bearish forces, ordinary investors need to be especially cautious to avoid becoming the last one in the emotional push. The market never lacks opportunities, but protecting capital is always the top priority.