Recently watching the market of $MERL , I really don't feel well. The position at 0.5 has been pushed several times without success; every time it gets close, it gets pushed back down. It seems that there are quite a few people stuck above and wanting to exit. Additionally, with the unlocking wave in December looming ahead, the market sentiment will likely be conservative first, and the rebound seems more like an opportunity for people to adjust their positions.

Looking at the on-chain data, there have already been large amounts of funds moving into exchanges in advance. This kind of timing is actually quite sensitive and can easily affect emotions. To put it bluntly, the current market is moving in a weak structure. Personally, I am leaning towards a bearish view for this segment. If I'm really waiting for an opportunity, I would prefer to see a clean consolidation around 0.2 before discussing the potential space ahead.