Metaverse (ETP)
Market Cap. $36.84M
Circulating Supply: 35.46M ETP
Max Supply: 100M ETP
Volume (24h): $5.94M
ETP/USD dropped aggressively in the yesterday’s trading session and erased some of the latest gains. Price is struggling to increase again and to stay above the 1.0000 psychological level. The crypto increased by 2.09% today, but unfortunately, the rate is under massive selling pressure after a false breakout.
It could drop further in the upcoming days to test and retest a potential support before will try to increase again. Metaverse dropped sharply in yesterday’s trading session as the Crypto Market crashed. The retreat was somehow expected after the last period bullish movement.
The rate was rejected once again by the lower median line (lml) of the ascending pitchfork and now is expected to test and retest the outside sliding parallel line (sl) before will make a significant move.
You could go long only if the rate will make a valid breakout above the lower median line (lml) of the ascending pitchfork and you can place the first target at the median line (ml). It will drop much farther in the short term if it slips and stabilizes below the sliding line (sl).
You can see that the rate has made a false breakout above the 1.1105 static resistance signaling a minor exhaustion. A valid breakout above the mentioned static obstacle will signal a potential valid breakout above the lower median line (lml).
Conclusion
ETP/USD increase like the other cryptocurrencies after the massive drop, so the minor drop was natural as well. We still need a confirmation that the Metaverse will resume the rebound and will reach at least the median line (ML) in the upcoming weeks.
©Forex.Academy
