The market liquidity is too poor.

The recent adjustment in the crypto circle has been quite harsh, with BTC and ETH leading a significant drop. The overall market sentiment has suddenly cooled down, and even stablecoins have depegged and shrunk by 2%. It seems that the previously anticipated "super bull market" will have to be postponed, and achieving it by 2025 may not be so easy.

The overall trend has clearly shifted to bearish, with short positions gradually accumulating. The next step is very likely to be a deeper level of correction.

For those who still believe that altcoins being "down too much is an opportunity," you may be a bit too optimistic. Daring to heavily invest at this time or chase rebounds is essentially playing a high-risk game, and a slight misstep can easily result in being trapped.

Speaking of $MERL, it has struggled to break past the vicinity of $0.5 during previous attempts, as if it encountered a hard ceiling. Each time there was a significant volume increase, it lacked subsequent buying support, purely a case of a strong push reaching its limit.

Now it seems that a rebound is basically hopeless, and it is very likely to continue moving downwards along with the overall trend. Once the trend turns bearish, holding onto a sense of luck and resisting often causes the most damage. Having suffered losses from shorting last time, this time I still have to respect the trend; shorting is the more prudent choice.