$MERL has attacked three times in a row at 0.50 but was quickly pushed back. The bearish structure has fully formed.
Trading volume has shrunk, and selling pressure is heavy; the trend line and previous highs create overlapping resistance. After the MACD death cross, the red bars continue to expand, and the RSI has fallen below 40 again, with sentiment and structure weakening in sync.
In December, there are still 4 rounds of unlocking, with a total of 70 million coins about to be released. The main force shows no obvious support actions, and currently, any rebound looks more like a technical correction during the unlocking gaps. There is a lack of support above 0.34, while the targets below remain at 0.30 → 0.25 → 0.20.
The short-term trend is bearish, and the risk-reward ratio is extremely unfriendly. Maintain a wait-and-see approach to avoid emotional trading.
