$MERL has recently failed three consecutive attempts to break through $0.5, and now this price level has become a solid ceiling. Every time it approaches $0.5, trading volume surges, but buying interest is weak while selling pressure is intense, and overall market sentiment is clearly bearish. The first attempt was rejected with a long upper shadow, the second time it didn’t even touch $0.5 before heavy selling kicked in, causing a drop of over 12% that day. The third time was even more exaggerated, with extremely low volume; retail investors who followed the move were immediately shaken out. On-chain data is even more discouraging: whenever the price gets close to