200-period MA
The current price of $33.74 is trading below the 200-period moving average (MA), which is at $34.27. This suggests a bearish sentiment as the price is struggling to hold above this key level. The 200-period MA is currently acting as resistance, and a sustained move below this level could indicate further selling pressure.
Relative Strength Index (RSI)
The RSI is currently at 39.39, indicating moderate bearish momentum. This level is below the neutral 50 mark, suggesting that the asset is closer to oversold conditions. However, there is still some room for downside movement before the RSI reaches oversold levels, which could indicate potential for a reversal.
Moving Average Convergence Divergence (MACD)
The MACD is displaying a bearish trend, with the MACD line below the signal line and a negative histogram. This setup reflects ongoing selling pressure and suggests that bearish momentum is currently in control. Continued expansion of the histogram would support further downside potential.
Bullish Scenario
If METIS/USDT can reclaim its position above the 200-period MA and break through immediate resistance near $36, it may see a shift in momentum, potentially targeting higher levels around $38 or above. A successful breakout from the current consolidation zone would indicate bullish momentum and could attract more buyers into the market.
Bearish Scenario
If METIS/USDT remains below the 200-period MA at $34.27, it could aim for lower support levels around $30. A break below this level would confirm the bearish sentiment and could indicate further downside potential, with the next significant support likely to be around $28.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Please make all investment decisions at your own discretion.
