$MERL recent performance has exhibited typical long liquidation characteristics. The price broke down under increased volume, which is far from a healthy technical correction, but rather a sign of liquidation and stampede amid high open interest.

From a technical perspective, the decline of this coin shows no resistance at all. A 10% drop combined with massive trading volume points to a clear market logic: open positions at high levels are being gradually cleared out. Buying pressure shows almost no signs of absorption; even if there is a rebound at lower levels, its strength appears quite fragile.

As long as the price remains firmly below 0.215, the downward path becomes the least resistant direction. Considering the current technical pattern, short-term opportunities are focused on the 0.210-0.215 range. If the structure fails (price breaks above 0.230), a reassessment of the strategy is necessary. The subsequent targets are set at the 0.185 and 0.165 ranges.

The liquidation effect of high-level holdings may have just begun, and the subsequent trend warrants close attention.