Recently, the surge of $MERL appears to be quite significant, but from a structural perspective, I still clearly lean towards a bearish view. This seems more like a rebound that entices buying in a weak environment, rather than a real change in trend.

The price briefly surged to 0.439 USDT, with a noticeable increase, and the market cap ranking moved up, but the continuity of trading does not match. Small funds in low liquidity can push prices higher, and the sentiment is rapidly amplified. Such movements are often a precursor to distribution, rather than the starting point of a new market cycle.

From a technical standpoint, there is significant resistance in the 0.45 area, with the price quickly retreating after multiple attempts to surge. Momentum indicators are at high levels, but trend indicators still lean bearish, indicating that the rebound has not changed the overall structure.

Therefore, I will not chase the highs in operation, but rather continue to short in line with the trend, paying more attention to shorting opportunities near 0.45. Remember to set stop-loss orders; if it subsequently breaks below 0.4 USDT, it can be seen as a continuation of the trend, and consider adding to positions in line with the trend.

Prior to 0.5 USDT, I maintain a clear bearish judgment on $MERL, controlling risk and trading with the trend remains the more prudent choice at this stage.