Recently, $MERL 's surge seems quite powerful, but from a structural perspective, I still lean clearly bearish. This looks more like a rebound in a weak environment designed to lure in long positions rather than a true trend reversal.

The price briefly surged to 0.44 USDT with a significant increase, climbing in market cap rankings, but trading volume remains inconsistent. Small funds with low liquidity can push prices higher, and the sentiment is quickly amplified. Such movements are often a prelude to distribution rather than the start of a new trend.

From a technical standpoint, resistance is clearly seen around the 0.44 to 0.45 USDT range. The price repeatedly pushes up but quickly falls back. Momentum indicators are high, but trend indicators remain bearish, indicating that the rebound has not changed the overall structure.

Therefore, I won't chase the high. Instead, I will continue to follow the trend and look for short opportunities around 0.44 to 0.45 USDT, with a stop loss at 0.46 USDT. The initial target is 0.38 USDT. If the price breaks below 0.4 USDT later, it can be seen as a continuation of the trend, and adding to positions along the trend could be considered, with a target range of 0.32 to 0.35 USDT.

Before reaching 0.5 USDT, I maintain a clear bearish outlook on $MERL , managing risk carefully. Trading along the trend remains the more prudent choice at this stage.