Family, $MERL has repeatedly faced setbacks around $0.5, with three peaks all being pushed back, and the resistance level is almost 'welded shut'. Each time it approaches, the trading volume is lively, but the buying pressure cannot sustain, and active funds are clearly on the sidelines.
The broader environment is also unfavorable, with BTC and ETH corrections dragging down overall risk appetite, and $MERL lacks trend support, making breakthroughs extremely difficult. On-chain data is also disheartening: when the price approaches $0.5, large addresses take profits, directly suppressing the upward space.
Further negative factors are piling up: recently, 70 million coins are set to be unlocked short-term, among which 16 million from large holders have already been transferred to exchanges for sale, creating concentrated selling pressure, while buying pressure is weak, leading to a serious imbalance in supply and demand.
In the short term, if market sentiment continues to deteriorate, it could very likely fall into a cycle of 'selling pressure → decline → more selling pressure', with extremely high risks of panic downturns. The probability of a rebound is low, and staying on the sidelines is the best strategy.
