$MERL Recent price performance has already provided clear signals.

In the past few weeks, three consecutive attempts to break through $0.5 have been met with selling pressure and pushed back, establishing a structural resistance.

Each time the price approaches higher levels, trading volume increases, but buying momentum lacks continuity, and active funds are noticeably more cautious.

Moreover, the short-term pullback of BTC and ETH has shifted market sentiment towards caution, and MERL lacks the momentum to continue upward before key resistance levels.

On-chain data also shows that many addresses are taking profits and exiting around the $0.5 range, forming a stable pressure zone that limits further price expansion.

In the short term, the risks remain significantly higher than the opportunities.