#MetaToken #Binancepen_spark #bitcoinnewsupdate #binancelearntoearn
It has been a lovely rise within META since 2023. However, we are now continuing to range for some time, which is usually a sign of a possible setback before a continuation. This setback could be beneficial for sustainable growth and further rises.
Zooming in, we can observe a range building since February 2024. This range has been respected multiple times so far, and it seems likely to continue. However, the small breach of the top looks somewhat like a Swing Failure Pattern (SFP) and could be a signal of profit-taking by many traders. If we breach through the $440 level, we could see a change of structure if a candle closes below it. If this happens, it would confirm our analysis. Until then, we might see higher prices as this is technically still a bullish trend within this range.
Another small indicator supporting our view is the bearish divergence on the RSI. While RSI is a good indicator with a high win rate, it’s not infallible, so this scenario might not play out. Still, this seems the most likely outcome to us at the moment.
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We failed to make a new high and got rejected around the $545 level, as expected. The first support was now found on the 12H chart at the EMA50 around $506. However, there's a possibility that the price could quickly drop towards the EMA100 at $492, where we might find stronger support. Both zones can be used to take profits or to secure positions.
If this level doesn't hold, the next crucial support would be around $452, which aligns with the bottom of the range (0-level) and the EMA200 on the 12H chart. Falling below this level could lead to a rapid decline towards $400.
The less likely scenario would be a renewed rise and a breakthrough above the $545 mark. This zone could be used as a stop-loss or to secure the position.
