First, let's clarify—this is not about getting you to place an order. Operate on your own DYOR.
$MERL The structure today has already dispelled any illusions.
Since it was directly pressed back from 0.34858, the pressure above 0.345–0.349 has been firmly established—capital does not want it to rise, nor does it have the ability to push it up.
The current price is hovering around 0.339, seemingly stable, but each rebound is clearly weak.
It's not that it can't be pushed up; it's that no one is willing to push it.
The daily low at 0.336 has not formed any support; falling to that point is just a pause, not support.
The volume is also cooperating with this direction:
The downward bars are decisive, while the upward rebounds are fragmented and weak, which is a typical bearish dominant market.
The logic presented by the entire structure is only one—
MERL is probing for a lower range, not preparing for a reversal.
My current range expectations are very clear:
• 0.345 cannot go up → bullish logic breaks;
• 0.336 does not constitute a bottom → will continue to test;
• The next segment of downward space is opening up;
• The range where genuine willingness to support will appear is more likely below 0.30 → 0.28 → 0.25 → even around 0.22.
The direction of the trend has already been indicated by the market itself:
The rise will not happen now; it will occur at a deeper position.
And the current rebound seems more like an adjustment for the bears.
So my conclusion today remains cold and clear:
The direction is down, and the initiative is with the bears. The rise will be a matter after it falls to where it should go.
Finally, I reiterate once again—
This is the structure I see, not a recommendation.
Whether or not to take action, research yourself, DYOR.
