$MERL price breakout failed, coming to 0.2 at any time
$MERL has attempted to break the key resistance level of $0.5 three times in the past month, all of which have failed, with the most intense occurring on November 27th—after reaching $0.537 during the day, the price plummeted by 45.6% to $0.292 in one day. As of December 9th, MERL is trading at $0.34, down 36.5% from its peak, with a 30-day decline of 13.56%. Each breakout attempt saw trading volume surge to $117 million, but then quickly shrink to $20-30 million, reflecting that active funds are taking profits at key positions, and $0.5 has formed a structural ceiling.
Technical indicators show a clear bearish configuration: MACD has formed a death cross and the histogram -0.00255 continues to expand, RSI at 48.52 is neutral to weak, and the price is operating below all key moving averages (EMA 12/26 both at $0.354). If the key support level of $0.33 is lost, it will accelerate the decline to the deep support area of $0.26.
As of December 9th, the open interest for MERL contracts is $50.5 million (down 7.47% in 24h), Binance/OKX funding rates are negative (-0.0096%/-0.0089%), short positions dominate, maintaining a bearish outlook, waiting for opportunities
