神经猫 Neuro Cat
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MERL after a surge, is there hidden pressure? Technical weakness + unlocking imminent + on-chain movements (12.14 update)
Brothers, MERL briefly broke through 0.44 USDT on OKX yesterday, rising 17% in 24 hours, and has now retreated to around 0.436, squeezing into the top 100 of CMC. It looks quite strong, but upon closer inspection, there are a few points worth noting.
From a technical perspective, the key resistance level has repeatedly failed to break, and the overall structure shows signs of weakening. On the supply side, the unlocking in December is relatively concentrated (12/12, 15, 16, 19), releasing a total of about 70 million coins, which will significantly increase the circulating supply. The market has a preemptive expectation of selling pressure, and buying may hesitate; early low-cost OTC trades may also easily sell at highs.
There are also movements on-chain: recently, a large holder transferred 16 million MERL (about 8 million dollars) to Bybit, and this operation before the unlock seems like a preparation to sell in advance, avoiding significant slippage during peak periods. Such signals can easily amplify bearish sentiment, triggering follow-on observations.
Overall, the certainty of selling pressure seems a bit greater, and the rebound space may be limited, easily leading to a downward trend. Short-term strategies might consider looking out for short opportunities at highs; of course, the market changes rapidly, so everyone should DYOR and play rationally.
#merl #crypto $MERL
{future}(MERLUSDT)
{future}(ETHUSDT)
Brothers, MERL briefly broke through 0.44 USDT on OKX yesterday, rising 17% in 24 hours, and has now retreated to around 0.436, squeezing into the top 100 of CMC. It looks quite strong, but upon closer inspection, there are a few points worth noting.
From a technical perspective, the key resistance level has repeatedly failed to break, and the overall structure shows signs of weakening. On the supply side, the unlocking in December is relatively concentrated (12/12, 15, 16, 19), releasing a total of about 70 million coins, which will significantly increase the circulating supply. The market has a preemptive expectation of selling pressure, and buying may hesitate; early low-cost OTC trades may also easily sell at highs.
There are also movements on-chain: recently, a large holder transferred 16 million MERL (about 8 million dollars) to Bybit, and this operation before the unlock seems like a preparation to sell in advance, avoiding significant slippage during peak periods. Such signals can easily amplify bearish sentiment, triggering follow-on observations.
Overall, the certainty of selling pressure seems a bit greater, and the rebound space may be limited, easily leading to a downward trend. Short-term strategies might consider looking out for short opportunities at highs; of course, the market changes rapidly, so everyone should DYOR and play rationally.
#merl #crypto $MERL
{future}(MERLUSDT)
{future}(ETHUSDT)
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