The chart shows the pair $MERL in a strong bearish trend, with the price marked at 0.34150 USDT. The fall of -28.83% is evident, having been rejected from a resistance around 0.54767 USDT. The volume is significant (36.53M), indicating high selling interest. The technical indicators reflect this selling pressure: the MACD is negative and the RSI is in neutral zone (around 48-50), without showing a clear oversold signal indicating immediate exhaustion of the bearish movement.