Price Observation: $MERL has failed to break through 0.5 dollars three times in a row, and the resistance level has become a structural consensus.

The price action exhibits typical characteristics of "high exhaustion."

The three recent upward attempts have all ended in the same way—trading volume increased near 0.5 dollars, but buying pressure did not form a sustainable momentum. The capital structure has defined 0.5 as a clear risk balancing point, and the willingness to actively go long has continued to cool in this range.

Macroeconomic sentiment lowers risk appetite, and the logic for breakthrough sustainability is insufficient.

After the pullback of BTC and ETH, the entire market's liquidity has shifted to a defensive mode. MERL lacks incremental capital support near key resistance levels, leading to a breakdown in the breakthrough momentum chain. Without trend continuation, any surge is merely a noise-level impulse.

On-chain behavior points to short-term trading, with capital inclined to "get in and out quickly."

As it approaches 0.5 dollars, the reduction actions of commonly used on-chain addresses are unusually consistent, making short-term arbitrage the dominant strategy. This behavior directly compresses the upward space, reinforcing 0.5 as a structural ceiling. As long as this type of short-term capital does not change hands, the resistance zone will not disappear.