$MERL is currently controlled by bears, don't think you can catch the bottom this time, around $0.2 is likely where the real opportunity lies.

No need to elaborate on the overall market, BTC and ETH have caused a significant drop, and funds are clearly fleeing, altcoins simply can't withstand it.

$MERL has touched around $0.5 three times this month, all ruthlessly shot down. The trading volume looks lively, but in reality, it's all just air; the buying can't keep up. Now, each high is lower than the last, and the rebounds are getting shorter, the bearish structure is obvious.

I've been keeping an eye on the $0.2 level for three main reasons:

1. The project's cost is essentially in the range of $0.18-$0.22, and usually, when it drops to this level, it won't just pass without any reaction;

2. Retail investors' psychological barrier is also around here; if it holds, there might be a chance to breathe; if it breaks, panic selling will ensue;

3. Key trend point: if it stabilizes, it indicates that the bears are starting to weaken; if it breaks, it will completely freefall, with plenty of space below. So don't rush to catch the bottom now, and don’t expect it to suddenly start a bullish trend.

If you really want to operate, wait for these two signals, which are the most reliable:

• If it rebounds to around $0.45-$0.48 and fails to go through, then gets pushed down again, you can slowly build a short position;

• Or wait for a direct breakout below the previous low; if it breaks, follow it, set your stop loss well, and don't stubbornly hold on.

In summary: the bearish trend of MERL hasn't changed; don't easily go long before $0.2. Wait around $0.2 to see if it continues to drop or shows signs of rebounding; the market will provide the answer. Hold your cash well, act in accordance with the trend, and don't go against it.

Brothers watching this coin can hit follow; when I see key positions, I'll shout out again.