Looking at the recent trend of $MERL, I lean towards short-term bearishness, mainly focusing on short positions for now.

From the 24-hour K-line chart, MERL is currently hovering around the 0.429 level. This position is quite interesting—the price has repeatedly tested the 0.435 to 0.44 range, but each time it fails to break through. It looks like a typical pullback after a false breakout, a clear downward signal.

Several details are worth noting. The highs are getting weaker each time, forming a double top structure within a short cycle. Although the price is close to the previous high pressure, the trading volume hasn't increased accordingly, which is crucial. During pullbacks, it consistently struggles to stay above 0.43, constantly losing ground. The high points within 24 hours are 0.4416 and 0.4209 lows, and this repeated oscillation suggests that the main players might be distributing chips at high levels.

Technical indicators also reveal clues. The short-term moving averages MA5 and MA10 are flattening or even showing signs of a death cross. Although the high level is still oscillating, the RSI is showing obvious divergence. Frequent upper shadows indicate strong selling pressure above.

My short-term trading plan is as follows: enter short positions in batches between 0.428 and 0.432, with a stop-loss above 0.445 (set outside the 24-hour high to avoid being shaken out by false breakouts). Take profit in two stages—first target between 0.405 and 0.41, and if sentiment continues to weaken, then aim for 0.385 to 0.39. The risk-reward ratio should be above 1:2.

To sum up simply: MERL is not showing signs of a strong breakout but rather repeatedly offering short opportunities at high levels. If the key support at 0.43 cannot hold, each rebound becomes a good shorting point. Remember, risk control is the top priority; strictly adhere to stop-loss discipline.