The trend of MERL has completely broken, and the bears have thoroughly penetrated the road.

$MERL The market has clearly explained the trend during this period — $0.5 is an impenetrable steel plate, and three attempts to break through have all been forcefully pushed back. It's not bad luck; it's that the goods suppressed from above have not been cleared at all. Each time it gets close to $0.5, the trading volume does come out, but it's all passive buying. There is almost no real upward momentum; the buying pressure is absurdly weak. This structure at first glance is a typical 'high break distribution', and there has been no proactive capital that can break through the resistance throughout the entire process.

Worse, when the market turns weak, MERL directly reveals its true form. When BTC and ETH turn down, market risk appetite instantly collapses, and MERL has no symbolic resistance; it falls as it should, falling cleanly and decisively.

You can clearly see that capital simply does not want to bet on a breakthrough at the top — when it rises, no one dares to buy, and when it falls, everyone is scrambling to escape. The overall temperament of the market is defensive, cautious, and even a bit panicked. It's evident that trust in MERL is rapidly fading.

The flow of funds on-chain is also very honest: all the main addresses near $0.5 are reducing positions at high prices, arbitraging out without any decent long-term layout traces. The current MERL is like an asset no one wants to support; as soon as it makes a short-term rise, funds immediately throw chips into the market, completely denying price expansion space. The behavior of capital has already told you: this is an ATM, not a buying zone.

This is also why the market is in this current state — not weak, but completely deteriorated. Unable to rise, volume cannot keep up, and the main force's attitude is a typical 'take advantage of the rebound to sell off'. This kind of structure is unnatural for moving upward. The only natural direction is down.

The current trend has clearly entered a 'weak rebound — then further decline' rhythm, with bulls basically unable to organize any decent counterattack. As long as the market continues to maintain this bearish atmosphere, the deep interval below MERL will definitely be tested.

The illusion of $0.5 has long been over; the current question is not whether it can break through but how long it can hold. As long as the market puts a little pressure again, MERL's price will drop at an even faster speed.

The rising cycle of $MERL has ended, and the bears have fully taken control.