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Summary
• Price formed bearish reversal patterns after a sharp decline to $4.94, followed by a recovery toward $5.39.
• Key support at $5.04 and resistance at $5.26 tested multiple times, with mixed conviction.
• Volume spiked during the early drop, but waned as price rose, suggesting potential distribution.
• RSI signaled overbought levels near $5.39 and oversold near $4.94, hinting at short-term volatility.
• Bollinger Bands showed moderate volatility with price hovering near the upper band late in the session.
Metis/Tether (METISUSDT) opened at $5.34 (12:00 ET - 1), dropped to a low of $4.94, and closed at $5.38 near 12:00 ET. Total 24-hour volume reached 69,330.70 with a notional turnover of $353,343.50. The pair showed a volatile 24-hour range of $0.46, with significant intraday swings.
Structure & Formations
The 5-minute chart revealed a key bearish engulfing pattern near $5.04 and a bullish reversal near $5.39. A 61.8% Fibonacci level aligned with $5.17 provided temporary support. The price tested key support at $5.04 multiple times and bounced, while resistance at $5.26–$5.29 showed mixed conviction, with price failing to close above $5.39 consistently.
MACD & RSI
The 12/26 MACD line crossed above the signal line late in the session, suggesting potential bullish momentum. RSI moved into overbought territory near 70 at the session high, signaling a possible pullback, while the earlier drop into oversold territory below 30 suggested a short-term rebound.
Bollinger Bands
Volatility increased after the $4.94 low, with Bollinger Bands widening. Price spent much of the session near the upper band after 05:15 ET, indicating heightened bullish momentum. A contraction was observed before 04:00 ET, possibly signaling a consolidation period.
Volume & Turnover
Volume surged during the initial decline from $5.34 to $4.94, totaling nearly 11,500 in just 3.5 hours. As price recovered to $5.39, volume decreased, raising concerns about distribution or lack of conviction. Turnover and volume aligned during the sell-off but diverged during the rebound.
Fibonacci Retracements
On the 5-minute chart, the key 61.8% retracement level at $5.17 held well as a support area, with price bouncing off it twice. On the daily chart, a 38.2% level at $5.28 showed resistance but was briefly broken twice before the close.
Market participants may watch for a potential consolidation near $5.28–$5.34 ahead of the next 24-hour cycle. A break above $5.41 could signal renewed buying interest, but volume weakness suggests caution is warranted.
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