Merry Christmas! The gold stock market hits a new high, while the crypto market is bleak!\n\nLiquidity is already insufficient, with $MERL facing the intensive unlock in December (including over 36 million coins on the 19th), the expansion of the circulating supply continues to weigh down, and there is a strong motivation for low-cost old coins to cash out at highs.\n\nFrom a technical perspective, MERL has repeatedly touched around 0.45 before reversing, with a clear divergence between price and volume, and the candlestick has a long upper shadow, indicating a weak structure; there are still signs of large outflows from on-chain whales, with selling pressure exceeding buying interest, making it prone to a downtrend.\n\nToday, the daily candlestick closed with a small decline, MACD has a dead cross pointing down, and the short-term rebound space is limited, easily falling into the rhythm of "selling pressure expectation → slow decline → small panic." In trading, aggressive friends can try to short around 0.43-0.44 (holiday rebound level), targeting below 0.38-0.40; be sure to set stop-loss to prevent false breakouts.\n\nHappy holidays, and trade rationally~ Play lightly, manage your risks, and don't let Christmas turn into "leftover eggs"!\n\n#merl #加密市场观察