Brothers, stop making excuses for $MERL . This market has clearly indicated a need for adjustment; the current bulls are "walking on a tightrope"!
Looking at the technicals and the supply side together, this is a textbook-level bearish trap:
The upper "iron plate": $0.50 has become a nightmare for the bulls. Three attempts to turn the situation around have been directly crushed by huge selling pressure, indicating that the main funds do not want to push the price up at all, only thinking about retreating at this high position. The buying power has completely dried up; what remains are trapped positions.
The current "flood peak": The technicals are already terrible, and December will see the unlocking of 70 million coins! Once these 70 million coins are released, what will the market use to absorb them? Aside from seeking deeper support downward, there is no way out.
In summary: Unable to break through the resistance level, and there’s a massive sell-off coming next, this is a typical "deadlock".
The current strategy is extremely clear: give up all illusions and look bearish along the trend.
Looking at the technicals and the supply side together, this is a textbook-level bearish trap:
The upper "iron plate": $0.50 has become a nightmare for the bulls. Three attempts to turn the situation around have been directly crushed by huge selling pressure, indicating that the main funds do not want to push the price up at all, only thinking about retreating at this high position. The buying power has completely dried up; what remains are trapped positions.
The current "flood peak": The technicals are already terrible, and December will see the unlocking of 70 million coins! Once these 70 million coins are released, what will the market use to absorb them? Aside from seeking deeper support downward, there is no way out.
In summary: Unable to break through the resistance level, and there’s a massive sell-off coming next, this is a typical "deadlock".
The current strategy is extremely clear: give up all illusions and look bearish along the trend.