$METIS getting ready to push upGATEIO:METISUSDT -
Okay so as suspected we "just" pipped the first of the two liquidity levels before falling back (*blue box).
I have to say was caught a little off guard here, expected it to run a little higher and so was washed out of some trades.
There were three levels of support that I was watching, the first was at the confluence of the 8H EMA20 - around $110, lost that quickly, next up was the 8H EMA50 which was coincident with the prior resistance around $95, lost again.
Finally we have found support, at the 8h 100 EMA - the strongest so far and seeing a bounce here (*lower green box)
Depending on some larger market factors if we see a push now I would expect either a rapid run to the higher of those two liquidity levels (*blue box) a consolidation and push to next major resistance in the $150 region (*blue line) else a sluggish recovery tapping every S/R on route.
Fundamentally though (*and I hate the word "fundamentals" in crypto) we are still golden here.
> Sequence testing going well
> $500M + EDF live and participants soon to be announced ($HERMES on Maia is a good play)
> Remains particularly undervalued compared to peer competitor chains
Strongly recommend buying and holding, if you're underwater - patience will turn your play around. If you're leveraged - probably worth converting to SPOT
$METIS eco plays are cheap now and expect their upside on recovery to be proportionally larger as well.
I remain in EURONEXT:MCC (MetisChainCapital)
I am flipping some $METIS for $HERMES at each support level - there is going to be a moment in the not too distant future where that V2 narrative becomes the driver - and want to be in for the run up.
Good Hunting
Metis
$METIS - Consolidating - looking good!GATEIO:METISUSDT has as proposed flipped ~$80 prior resistance to support and is now sitting in a tight accumulation pattern.
Looking at the weekly chart - we are sitting around a long term S/R -
Upcoming market dynamics - be that the full announcement of community sequencing activity, the EDF details, $HERMES V2 concentrated liquidity set up - are all quite bullish.
When we push up I am looking first to see the FV Gap at around $130 get taken before a pullback to distribute prior to another push towards the heavy duty S/R in the $160's
The timeframe for this is quite variable, and given how much excitement and OI is forming around the Andromeda chain, quite possible to see some market maker shenanigans - i.e. some heavy dumping on the way up to mop up some of the leveraged capital that is sloshing around.
Personally - I'm looking for a Q1 target price of $130-160 - which would mark a 100% return if you only entered here.
Is there a possibility that we get a pullback to the $60's - yes absolutely but Risk : Reward here is skewed toward spot $METIS and ecosystem rewards during these fluctuations.
Providing volatile liquidity to $HERMES:$METIS for example (hermes.maiadao.io) is providing an ample (non-boosted) APR around 102% whilst this plays out.
Using leverage on $METIS at the moment seems like a fools errand.
Good Hunting
SasanSeifi 💁♂METIS/ USDT DAILY Hey there! By analyzing the METIS chart on the daily timeframe, as you can see, the price has shown positive fluctuations from the support zone at $11. With the candlestick behavior, one could anticipate that following minor oscillations and maintaining the order block range of $11.80 / $11.50, we can consider price targets of $14 and $15 in the supply zone.
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METIS Surges After Announcement of Ecosystem Development Fund
The Ethereum Layer 2 scaling protocol Metis has dedicated 4.6 million $METIS tokens toward the new Metis Ecosystem Development Fund. The Fund will begin disbursing grants in the first quarter of 2024.
The Metis Ecosystem Development Fund was allotted 4.6 million METIS, worth over $100 million, that will be used to fund grants for dApps, sequencer mining and other product development projects, the protocol said in a statement. Metis will begin giving out funding starting in the first quarter of 2024.
Metis aims to be the first fully decentralized Ethereum Layer 2 by the end of 2023.
METISUSDT longMETIS has been in a key support area. The price was in a downtrend for a long time.
We can see a falling wedge pattern forming and it seems to be a low risk area to take a long.
Buy at the buy zone/support or if you want to trade it as a falling wedge, you can wait for a breakout.
Stop loss should be placed below the support.
Target: 32 $
METISUSDMETISUSD has a very clean price action pattern which is perfect for a swing trader like me. As it follows other crypto, it will go where it goes but at the moment the long trend indications are, it might move up in a clean and crisp pattern. Disclaimer - I own pocket change holdings in it as I post this.
METIS helps me stacking ETHBetting on the L2 narrative for 2022. Also the vitalik mom meme. Compared to any other tokens that market as L2 scaling solutions this is quite undervalued.
Comparing it to Matic/Polygon seems a bit much for mid-term plays, but I could see this competing with Loopring at least.
Road to Valhallah.
METIS/ETH - Further Consolidation Ahead?METIS DAO 1D/3D time-frame comparison vs. ETH. Mixed signals from different time-frames with (short?) re-tracement most likely.