The market is not doing well, and everyone may be holding onto their bullets waiting for a bottom. I know everyone is anxious, but please do not rush.
Recently, I have been looking for some cryptocurrencies to trade in the short term and found a very interesting one that you can refer to.
$MERL This cryptocurrency has been unable to break through 0.5U, and a pullback is already a foregone conclusion. Don't go long at the ceiling.
The market won't lie; $MERL has attempted to break 0.5U three times, all of which have failed. Here, a substantial "structural resistance line" has already formed.
1. Resistance level established:
Every time it touches 0.5, it is accompanied by a huge volume of turnover, but the price cannot stabilize. What does this indicate? It indicates that 0.5 is the "distribution area" for the main funds. Active buying is severely exhausted at this position, and funds are taking the opportunity to cash out.
2. On-chain smart money is retreating:
On-chain data shows that multiple large addresses acted consistently near 0.5—taking profits. Coupled with Bitcoin and Ethereum's pullback, market sentiment has fully shifted to defense. Expecting $MERL to break through in this adverse situation? The probability is extremely low.
The conclusion is very clear:
Since it can't push up, a pullback is inevitable. The current price-performance ratio is extremely low; don't go in to catch falling knives for short-term profits.
I am resolutely bearish in the short term. Only by pushing the price down can the chips be washed out from retail investors. Patiently wait for the golden pit near 0.2U, where the odds for the new round of game should be positioned.
Keep an eye on shorting near 0.40 and buying near 0.20, while watching the middle ground.
