$MERL In the past few days, there has indeed been some upward movement, and some people have started to chase higher prices. However, looking at it within its own structure, entering at this position is not comfortable.
When the price reaches around 0.45, it repeatedly tests for a lasting breakthrough above, but each time it goes up, it lacks sustainability, and there is no obvious follow-up.
This kind of upward movement seems more like a magnified fluctuation under the current liquidity conditions of MERL.
The market is not indicating "wanting to push the price to a higher level," but rather "first pull up the market and see who is willing to take it."
Currently, what cannot be avoided regarding $MERL is the unlocking batch in December.
This is a continuous release.
For this kind of structure, it is very difficult to give a long-term price, so the rebound will naturally be regarded as a short-term action by me.
The choices of large on-chain holders are quite straightforward.
Before the unlocking, they transfer coins to exchanges in advance, which happens on MERL and will change market expectations.
No one knows whether there will be a direct sell-off later, but just this action is enough to shift the focus of speculation towards defense and bearishness.
So for me, the current rise of MERL is just a test.
Before the unlocking pressure and structural issues are digested, I will not consider this rebound as a new bullish starting point.
I am more inclined to appropriately short at this high emotional position, test the waters, and if the trend aligns with my judgment, I may be more aggressive in shorting.
