METTRY Dives on Bearish Divergence and Sharp Volume Spikes

Summary
• Price surged past 9.50 before retreating to a 24-hour close near 9.08, forming bearish divergence.
• High volatility seen in the early hours, with a 3.4% intraday swing and sharp volume spikes.
• Oversold RSI territory near 25–30 suggests potential for short-term rebound.
• Bollinger Bands widened sharply after 5:00 AM ET, indicating rising uncertainty.
• Volume distribution favors sellers post-7:30 AM ET, with bearish control from that point.

Meteora/Turkish Lira (METTRY) opened at 9.31 on 2026-02-06 12:00 ET and closed at 9.08 by 12:00 ET on 2026-02-07, reaching a high of 9.65 and a low of 9.0. Total 24-hour volume was 93,383.1 units, with a notional turnover of approximately 869,844.4 Turkish Lira.

Structure & Moving Averages

Price found key resistance at 9.65 and support at 9.08 on the 5-minute chart, forming a bearish flag pattern. The 20-period moving average (SMA) crossed below the 50-period line (death cross) in early hours, reinforcing bearish momentum. On the daily chart, the 50-period SMA appears to be acting as a dynamic resistance, with price testing it multiple times.

Momentum Indicators

The MACD showed bearish divergence in the early morning, with price hitting a high of 9.65 but the MACD failing to confirm. RSI dipped into oversold territory (around 28–32) late in the session, hinting at potential bounce.

Bollinger Bands and Volatility

Bollinger Bands widened significantly following a sharp move down post-7:30 AM ET, reflecting rising volatility. Price spent much of the session near the lower band, indicating weak bullish sentiment. A contraction in band width may be forming toward the end of the session, suggesting possible consolidation.

Volume and Turnover Dynamics

Volume surged after 7:30 AM ET with a large 4214.9 unit block at 9.0–9.1, signaling strong bearish participation. Notional turnover spiked in line with price decline, but volume waned in the last 2 hours, suggesting exhaustion among sellers. Divergence appears at 9.15–9.13 as price rose with minimal volume, possibly indicating a weak rebound.

Fibonacci Retracements

Recent 5-minute swings (9.06–9.65) show 61.8% retraction at around 9.27, where price stalled multiple times. On the daily chart, 38.2% retracement (around 9.39) was a key level of rejection, supporting the bearish narrative.

Meteora/Turkish Lira may find near-term support at 9.08 and resistance near 9.27, with volatility likely to remain elevated as the market tests these levels. A break below 9.06 could open the door to a 9.0–8.95 range, but traders should remain cautious of potential short-term buying interest as RSI reaches oversold territory.