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- Pin
$MERL has failed three times to break through the $0.5 mark
Technical resistance remains solid: In recent weeks, $MERL has faced heavy selling during three attempts to break through $0.5, making this price level a stubborn ceiling. Each approach has seen increased trading volume, but buying power hasn't kept up, with funds clearly waiting on the sidelines at higher prices.
Market drag leads to weak sentiment: BTC and ETH have pulled back in the short term, overall risk appetite is cooling, and MERL loses momentum near key levels, making a breakout seem unlikely.
Recently, many large on-chain holders (or early players) have started selling to lock in profits as the price nears $0.5. This concentrated selling has directly blocked any upward movement, forming a solid ceiling around $0.5. It's going to be pretty difficult to break through in the short term—there needs to be much stronger buying to overcome this resistance zone.
#MERL