Recently observed the trend of $MERL , it is clear that the market conditions are too poor, with bears gradually taking the lead, and the risk of further decline in the short term is high.

From a price perspective, MERL has attempted to break through $0.5 three times without success. Each time the price approaches this round number, the trading volume significantly increases, but the buying support is insufficient, and the proactive funds are extremely cautious.

This area has formed a clear high resistance zone, making it very difficult to break through in the short term. Each attempt to advance has ultimately been suppressed by selling pressure, indicating that a large amount of profit-taking positions have accumulated near $0.5, and holders tend to cash out on rallies.

MERL lacks the momentum to chase higher prices, and even if funds attempt to push the price up, they can easily be suppressed by high-level sell orders, significantly reducing the sustainability of upward breakthroughs.

On-chain data further corroborates this judgment: when the price approaches $0.5, multiple addresses show significant reduction and cash-out behaviors, further exacerbating the supply pressure at this price level, severely compressing the upper space.

Considering the technical, financial, emotional aspects and on-chain behaviors, $MERL is more likely to enter a high-level consolidation or gradual decline phase in the short term, rather than a strong breakthrough. The risk of chasing high is considerable, and losing control of positions can easily lead to being stuck. Conversely, maintaining patience, strictly controlling positions, and waiting for clearer low-buy opportunities or trend signals will be a more prudent strategy.

Overall, the current market should treat $MERL with a bearish outlook, and investors need to closely monitor the bearish rhythm, being wary of short-term false breakouts or traps brought by enticing rebounds.