If we look at $MERL in the context of the recent overall market, the logic becomes clearer. BTC and ETH are in a weak fluctuation, and the risk appetite for funds has clearly decreased. Under these circumstances, it is already very difficult for alts to have an independent market. The recent pump of $MERL seems more like a counter-trend rebound rather than a breakthrough in line with the trend.

The key lies in the rhythm. A real trend market will be accompanied by a continuous increase in volume and support during pullbacks, but $MERL currently looks more like a "pump and dump" scenario, with each upward surge being very rapid and the pullbacks happening quickly, indicating that the dominant funds do not intend to stay for the long term, but rather prefer short-term operations.

Looking at the position again, 0.44–0.45 is clearly a resistance zone. It is unrealistic to expect a direct breakthrough without sufficient turnover. In trading, the most dangerous thing in this structure is not to participate, but to be carried away by emotions due to short-term price increase.

The market trend will not change because of a single bullish candlestick. For $MERL , this feels more like a phase that requires patience to digest, rather than a starting point that can be confidently chased.