The trend of $MERL is actually not that concealed anymore; I tend to lean towards shorting.

The recent information from the K-line chart is very straightforward: as soon as it goes up, someone is waiting to sell.
0.5 This level has been tested more than once.
Every time it's close, there is a surge, and then it is quickly suppressed.
It doesn't feel like a step away, but rather like someone has taken their position in advance and withdrawn the liquidity.

The trading volume doesn't seem quite right.
There is volume when rushing, but it can't be held.
The pullback is actually smoother, indicating that the funds are not in a hurry to push the price up.

In this structure, it is difficult to expect it to generate an independent market movement on its own.
Especially on the market side, BTC and ETH are both pulling back, and naturally, small and mid-cap assets are struggling more.
So from a trading perspective,
It feels more like a rebound to gain position now, rather than going down to pick up longs.

I will still pay attention to the old position myself.
The range of 0.4–0.5 is a battleground, and once a rebound starts with decreasing volume and the K line becomes hesitant, you need to be cautious.
In this scenario, chasing longs is not cost-effective; instead, it is more suitable to gradually explore a bearish approach.

Of course, as long as the price can effectively stay above 0.5 and is strong enough, the above judgment will be invalidated, and there is no need to dwell on it. However, looking at the recent situation, a sufficiently strong bullish event is unlikely to occur.
Don't think too far down below for now.
0.42, 0.39 These positions are enough for a round of shorting.

The timing in this regard is not very friendly.
The unlock in mid to late December is on the way, and even if it is not concentrated, the expectation itself will suppress the height of the rebound.
Buy orders will slow down, while sell orders will be more patient.
In addition, there are quite a few low-cost chips in the market.
This type of capital generally does not chase prices higher, and prefers to wait for a rebound to slowly process their exit.

So overall looking at it,
At this stage,
Going long requires many prerequisites,
Shorting only requires the market to "not be that strong".
Although the market will not go straight up or down,
But the current pace seems more like creating opportunities for shorting rather than paving the way for bulls.