Metis (METISUSDT) 24-Hour Market Overview

Metis (METISUSDT) closed at 16.97 as of 12:00 ET, down from its 24-hour opening of 17.35. The period saw a high of 17.41 and low of 16.25, with total volume of 132,509 units and turnover of $20,300 USD.

Market Analysis

Structure & Formations

Prices tested 16.25 (24-hour low) as support before rebounding toward 17.0 resistance. A bearish engulfing pattern formed around 13:15 ET, while the last candle’s long lower wick hints at short-term support near 16.8–16.9.

Moving Averages

The 15-min 20-period MA (16.73) remains below the 50-period MA (16.81), signaling a neutral-to-bearish trend. Daily 50/100/200-period MAs cluster between 16.8–17.0, reinforcing resistance above 17.0 and support below 16.8.

MACD & RSI

The MACD line dipped below its signal line, suggesting weakening momentum. The RSI (14) fell to 31, near oversold territory, hinting at potential short-term rebounds but no strong overbought signals.

Bollinger Bands

Prices hug the lower band (16.7), with contraction signaling low volatility. A breakout above the midline (16.9) could signal a reversal, while further declines may test the band’s lower limit.

Volume & Turnover

A 21,021-unit volume spike at 15:30 ET coincided with a modest price rise (+0.07%), suggesting seller dominance. Turnover remained subdued, with no clear divergence between price and volume.

Fibonacci Retracements

The recent swing from 17.41 to 16.25 saw 38.2% retracement support at 16.76 and 61.8% resistance at 16.95. The close near 16.97 may test the latter before broader trends reassert.

Forward Outlook

Metis may drift sideways between 16.8–17.0 over the next 24 hours, with a break below 16.7 risking a test of 16.25. Bulls need to reclaim 17.0 to negate near-term bearishness. Traders should remain cautious of volatility spikes ahead of potential catalysts.

Summary:
• Prices range-bound between 16.25 (support) and 17.41 (resistance), with a bearish engulfing hinting at short-term weakness.
• RSI oversold (31) suggests a rebound toward 16.9–17.0 before broader trends resume.
• Volume surge at 15:30 ET lacked follow-through, signaling seller dominance near resistance levels.
• Fibonacci 61.8% retracement (16.95) offers key resistance; a close above could revive upward momentum.