$MERL's recent price performance has provided a clear signal.

Over the past few weeks, repeated attempts to breach $0.5 have been pushed back by selling pressure, establishing this level as a structural resistance.

Each time the price approaches this high, volume increases, but the buying interest lacks continuity, and active capital appears to be more cautious.

Additionally, the recent short-term pullbacks of BTC and ETH have shifted market sentiment towards a defensive stance, leaving MERL lacking the momentum to continue upward before this key resistance.

On-chain data also shows that many addresses have chosen to take profits in the $0.5 range, creating a stable pressure zone that limits further price expansion.

In the short term, the risks still significantly outweigh the opportunities.