$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
