Price Watch MERL: Three consecutive failed attempts to break $0.5, resistance has turned into structural consensus The price action shows typical 'pump and fade' characteristics. Over the past few weeks, all three upward attempts ended the same way—volume increased near $0.5, but buying pressure failed to sustain momentum. The capital structure has defined $0.5 as a clear risk equilibrium point, with bullish sentiment cooling off in this range. Macro sentiment is dragging down risk appetite, and the logic for sustained breakout is lacking. After BTC and ETH pulled back, the overall market liquidity shifted into defensive mode. MERL lacks incremental capital support near key resistance levels, causing the breakout momentum chain to break. Without trend continuation, any upward movement is just noise-level pulses. On-chain behavior points to short-term strategies, with funds opting for 'hit and run.' Near $0.5, the sell-off actions of commonly used on-chain addresses are unusually consistent, with short-term arbitrage becoming the dominant strategy. This behavior directly flattens the upward space, reinforcing $0.5 as a structural ceiling. As long as these short-term funds don't rotate, the resistance zone will remain intact.