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Metaverse ETP Long Opportunity Eyed

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Metaverse ETP (ETP)


Market Cap: $29.46M

Circulating Supply: 35.73M ETP

Max Supply: 100M ETP

Volume (24h) $4.23M


Technical Analysis


ETP/USD decreased a little today, but it seems undecided in the short term. Price is narrowing right now, that’s why you should stay away and wait for a fresh trading signal. It could start a broader upside movement if it will take out the near term resistance levels.

It has developed a minor chart pattern, but we still have to wait to see the breakout direction. It has shown some oversold signs, but it is still under pressure as long as it is trapped below some very important upside resistance levels.


 

You can notice that the rate has failed to make a valid breakdown below the 50% Fibonacci line of the minor descending pitchfork signalling an oversold. It has run away from the 50% Fibonacci line of the major descending pitchfork signalling that the behaviour could change soon.

ETP/USD failed to reach and retest the 0.6000 psychological level, that is why we can think of another bullish momentum. However, the rate is trapped below the upper median line (uml) of the minor descending pitchfork, below the outside sliding line (sl) of the minor descending pitchfork, and much below the UML of the major descending pitchfork. Support can be found at the first warning line (wl1) of the ascending pitchfork.


Conclusion


We’ll have a perfect buying opportunity if the rate will make a valid breakout above the mentioned resistance levels. The next upside target will be at the 150% Fibonacci line of the ascending pitchfork and the second one at the lower median line (lml). A drop below the 0.6000 – 0.5701 static support will invalidate the bullish scenario.

 

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