Metaverse (ETP) Rejected the Resistance
Updated
Metaverse found the bottom on the 24th of June, where it hit $0.46 low. Then price went up sharply, breaking above the 50 Moving Average and th descending channel. Nevertheless, ETP/USD has reached 23.6% Fibonacci retracement level at $1.73, that has been rejected cleanly.
This might suggest a corrective move down or even a downtrend continuation. At this stage buying opportunity would present it self upon the break and close above the $1.73 level. In this case Metaverse would confirm further uptrend and could continue rising towards one of the Fibonacci retracement levels.
As has been mention, the correction down remains likely, and if the resistance holds, ETP/USD might decline towards the 50 Moving Average or even down to $0.46 support. But only break and close that support would invalidate bullish outlook.
This might suggest a corrective move down or even a downtrend continuation. At this stage buying opportunity would present it self upon the break and close above the $1.73 level. In this case Metaverse would confirm further uptrend and could continue rising towards one of the Fibonacci retracement levels.
As has been mention, the correction down remains likely, and if the resistance holds, ETP/USD might decline towards the 50 Moving Average or even down to $0.46 support. But only break and close that support would invalidate bullish outlook.
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