Summary
• Price surged from $5.21 to $5.57, testing key resistance at $5.40–5.45.
• Volume spiked to 14,464.26 during rally but diverged on late declines.
• RSI overbought above 70, suggesting potential pullback.
• Bollinger Bands expanded with volatile breakouts post 05:00 ET.
• 20-period MA lagged price, indicating bullish momentum.
The 24-hour period for Metis/Tether (METISUSDT) opened at $5.21 and closed at $5.49, with a high of $5.57 and low of $5.20. Total volume reached 14,464.26, while notional turnover was $177,050.30.
Structure & Formations
Price advanced into a key resistance cluster near $5.40–5.45 and briefly broke above, but failed to hold above $5.50. A bullish engulfing pattern emerged near $5.40–5.43 during the 09:00–09:30 ET window, reinforcing the upward thrust. A long-bodied candle at the $5.34–5.36 range formed a potential support level.
Moving Averages
The 20-period MA on the 5-minute chart lagged behind price during the afternoon push, suggesting short-term bullish momentum. The 50-period MA remained below the 20-period MA, hinting at a potential retest of earlier gains.
MACD & RSI
The RSI rose into overbought territory (above 70) during the $5.50–5.57 peak, indicating a probable near-term correction. The MACD histogram showed a narrowing bullish divergence, pointing to fading momentum in the rally phase.
Bollinger Bands
Bollinger Bands widened after 05:00 ET, reflecting increased volatility. Price remained above the 20-period MA within the upper band for several hours, signaling a continuation bias, but closed near the middle band during the last 5 hours.
Volume & Turnover
Volume surged to 14,464.26 during the 10:00–11:00 ET breakout phase, confirming the move above $5.50. However, volume declined on the subsequent pullback, indicating potential profit-taking. Turnover also peaked in the morning before tapering off, suggesting a possible consolidation phase.
Fibonacci Retracements
The 61.8% Fibonacci retracement level of the $5.20–5.57 move sat near $5.43, which the price briefly retested before rebounding. This level could serve as a pivot in the next 24 hours.
Metis/Tether may test the $5.40–5.43 range as a potential floor or pivot. A break below this could trigger a retest of $5.31–5.34. Investors should monitor volume divergence and RSI for early signs of exhaustion or strength.
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