Recently watching $MERL's market, it really can't hold up any longer.

The first three times it hit 0.5, it was ruthlessly smashed back down. Today's structure... looks even more like the trend has weakened, and the main force doesn't want to push it up at all.

Just spread the chart out and you’ll understand:

The volume hasn't kept up, the selling pressure above is absurdly thick, and the trend line is being directly pressed down.

If we don't get some decent buying support in this state, a pullback to 0.3 → 0.25 or even down to the 0.2 range is very normal.

The necessary adjustment will not be absent, it's just a matter of time.

In the short term, continue to look bearish, and the reversal signal is still far away.