Recently, the trend of $MERL has been a bit stagnant. The price level of $0.5 has been unable to break through three times, and each time it gets close, a wave of selling pressure emerges. Although the trading volume has increased, the buying interest is clearly not keeping up, and this position has become a significant resistance zone.
At the same time, BTC and ETH have also been in a correction recently, and the overall market sentiment is leaning towards caution. Everyone is being more careful, and MERL itself lacks the sustained upward momentum, making it even harder to break through. Looking at the on-chain data, we can also see that many people are choosing to take profits around the $0.5 mark, resulting in more obvious pressure above.
In addition, there are still 70 million coins being unlocked in the short term, and large holders previously transferred 16 million coins to exchanges. These movements will increase the potential selling pressure, while the buying side shows no significant improvement, clearly tilting supply and demand towards the bearish side.
Considering these factors, the short-term trend is objectively weak. If sentiment further deteriorates, the possibility of prices continuing to drop is quite high. Currently, there are no strong reversal signals visible, and the market remains more in a pressured state.
