Home Crypto Crypto Market Analysis Metaverse ETP – Is This A Temporary Drop?

Metaverse ETP – Is This A Temporary Drop?

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Metaverse ETP (ETP)


Market Cap: $26.12M

Circulating Supply: 35.84M ETP

Max Supply: 100M ETP

Volume (24h) $4.50M


Technical Analysis


ETP/USD continues to move sideways somehow in the short term but it remains to be seen what will really happen after the rate will reach the major and critical support. The price drops in the short term as all the major cryptocurrencies have crashed in the short term. The rate continues to stay above some very important support levels, so we may still have a rebound on the short term.

 


 

Unfortunately, the rate failed to make a valid breakout above the outside sliding parallel line (sl) of the minor descending pitchfork and now it has slipped below the upper median line (uml) again. It is pressuring the upper median line (UML) of the major descending pitchfork, so a rejection from here and from the 0.6000 psychological level will signal a rebound and a potential breakout above the outside sliding line (sl).

Right now it is very important for the rate to stay above the UML of the major descending pitchfork and above the 0.6000 psychological level because a breakdown will send the rate at least till the upside 50% Fibonacci line of the descending pitchfork.


Conclusion


We may have a great buying opportunity only if the rate will make a valid breakout above the outside sliding line (sl). This scenario will be invalidated if the rate will resume the downside movement and if will close and stabilise below the 0.5701 static support.

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