Recently, looking at $MERL ’s price action, there’s a clear sense of pressure, with bears gradually taking control of the market and a fairly high risk of short-term decline.

From a price perspective, $MERL has failed to break through $0.5 three times. Each time it gets close to this level, trading volume increases significantly, but the buying side can’t hold up, and aggressive buyers are also pretty cautious. For me, this has formed a clear high-level resistance zone, and it’s going to be very hard to break through in the short term. Every attempt to push higher ends up being pressed down by selling pressure, which shows that those who are making a profit near $0.5 are cashing out.

Market sentiment is also important. Recently, both BTC and ETH have seen short-term pullbacks, and overall risk appetite has declined. Everyone’s on the sidelines and not willing to chase gains, which means $MERL lacks the momentum to keep rising at these key resistance levels. Even if someone tries to pump the price, high-level selling pressure can easily suppress it, making a breakout even tougher.

On-chain data also reveals some clues: quite a few addresses start selling and cashing out as the price approaches $0.5, which makes the resistance at these high levels even more obvious. In the short term, there’s very limited room for the price to move higher. For me, all these signals indicate the market is more likely to consolidate or slowly pull back rather than suddenly surge.

Considering all this, I think $MERL will most likely fluctuate at high levels or gradually pull back a bit in the near future. Chasing highs is risky—if you can’t control your position size, it’s easy to get stuck. On the other hand, patiently observing, managing your position size, and waiting for a more reasonable entry point might be safer. Overall, the market is bearish in the short term, and everyone should pay close attention to the pace of the bears—don’t get fooled by short-term rebounds.