I have been watching the market for $MERL
recently, and $0.5 feels like a hurdle that cannot be crossed, no matter how hard I try.
You might say the market lacks direction, but it has several times surged to $0.49 and $0.495, looking like it’s about to break through; however, when we say there's upward momentum, every time it touches that high point, a large number of sell orders immediately flood in, pushing the price back down.
This trend seems almost intentionally set up.
Let’s take a look at the on-chain data, which reveals the underlying mechanics more clearly. There are always a fixed group of addresses selling in batches at this price level, not a large volume, but the timing is particularly precise. It’s neither a panic sell-off nor a market stampede; rather, it’s professional swing traders executing a fixed strategy— for them, $0.5 is just a “switch,” sell when the price hits it, and exit once they’ve made enough profit.
If the next breakout can bring sufficient trading volume and hold steady for several days, then the three previous failures to break through were actually just clearing out weak hands. However, if there’s another failure, then $0.5 will not just be a resistance level; it will become a recognized reversal point, potentially even a complete false breakout trap.
Everyone holding $MERL needs to think clearly: what you are currently hoping for is whether there are still good stories to tell or if the trend truly has the strength to break through this resistance?