METTRY Breaks $9.52 Resistance on Surging Volume, But Divergence Rears Its Head

Summary
• METTRY broke through a key resistance at $9.52 on strong volume, forming a bullish engulfing pattern.
• Momentum diverged in late overnight hours, with RSI peaking at overbought levels before a pullback.
• Volatility expanded during the 5-minute chart, with Bollinger Bands widening after a contraction.
• Turnover surged in the early hours as price moved from $9.38 to $9.66, suggesting accumulating interest.
• A Fibonacci 61.8% retracement level at $9.47 appears to have stalled bearish follow-through.

Market Overview

Meteora/Turkish Lira (METTRY) opened at $9.34 (12:00 ET – 1), surged to $9.66, and closed at $9.52 (12:00 ET) within the 24-hour window. Total volume was 487,267.1 and turnover reached $4,512,976.66, indicating heightened activity and conviction in the move.

Structure & Formations

Key support levels were identified around $9.38–$9.42, with a strong rejection forming a bullish engulfing pattern at $9.52–$9.64. A doji appeared at $9.56–$9.56 in the early hours, signaling indecision after the sharp rally. The price has shown a clear preference for closing above mid-range highs in the final 5-minute candles, suggesting accumulation.

Moving Averages and Momentum

On the 5-minute chart, the 20-period MA crossed above the 50-period MA during the $9.53–$9.57 rally, offering a short-term bullish signal. The 50-period daily MA is also showing a slight upward bias, aligning with the recent strength. . RSI peaked in the mid-70s during the morning rally, indicating overbought conditions that may lead to a short-term pullback.

Volatility and Bollinger Bands

Volatility expanded during the overnight rally, with Bollinger Bands widening after a period of consolidation. Price moved to the upper band at $9.66 before retracting, suggesting that further expansion may require a breakout above the previous high.

Volume and Turnover

Volume surged in the early hours as price rallied from $9.38 to $9.66, with the largest notional turnover occurring around $9.52–$9.53. The volume-to-price alignment supports the likelihood that the move is driven by informed buying.

Looking ahead, the next 24 hours may see a test of the $9.66 high if bullish momentum continues. However, a failure to hold above $9.52 could trigger a retest of support at $9.42–$9.38. Investors should watch for volume divergence and RSI behavior as early warning signs of a reversal.