$MERL Technical analysis has completely collapsed, and the bears have fully taken over the market.

In the past few weeks, $MERL has attempted to break the $0.5 mark three times without success, with each attack ending in increased volume but stagnation. The price pattern has become very clear—there is a strong structural resistance area above, and the main funds have no intention of taking over in this range.

On-chain data has also begun to show dangerous signals. Today, a large holder transferred 16 million MERL to Bybit, which is not a small move but a standard 'preparation to dump' signal. Combined with the upcoming unlocking of 70 million in supply, the pressure on the market supply side is rapidly increasing.

Active buying has nearly disappeared, while the selling chips are being concentrated on the shelves. The technical indicators are weakening, supply is surging, and the funding situation is cooling down; these three factors combined mean that the market structure has completely tilted towards the bears.

In this situation, any rebound is just a breathing opportunity for the bears. As long as the $0.5 resistance level is not effectively broken, the price is very likely to continue to oscillate downwards, even leading to a chain reaction of 'selling—panic—selling' cycles.

The current trend of $MERL is no longer an 'adjustment' but the calm before an accelerated fall. The bears are in control, and the rebound is just an illusion.