MetisDAO Token Faces Rejection at $37.51 as Selling Pressure Persists
The MetisDAO price analysis shows a bearish trend as the token has experienced a significant selloff in recent trading sessions. The METIS/USD pair is trading at $33.25, which is 1.92% high, but lower than its previous weekly close at $37.51.
The market for MetisDAO opened the day trading in a bullish mood as the price increased to a high of $37.51. However, MetisDAO faced selling pressure at this level and started to drift lower. The bearish sentiment continued throughout the day, pushing the token’s price further down, targeting the $31.13 support level.
METIS/USD price chart, Source: Coin market cap
At the moment, MetisDAO’s RSI is headed below the 50.00 level, which indicates that the token is currently shifting to the bearish sentiment and could continue to move lower if the selling pressure persists. Furthermore, there is also resistance at $37.51 and above, which will need to be broken for the token to move in the bullish direction.
METIS/USD daily price chart, Source: TradingView
The daily chart for MetisDAO shows that bearish market conditions will likely persist in the near term. However, the previous week’s bullish momentum proved short-lived, indicating that the token could see some upside in the coming days. The market cap for Metis DAO is currently around $143 million, and the 24-hour trading volume stands at $9 million.
The price trend has been undergoing constant variation for the past week, but MetisDAO may start to move in the bearish direction. The Moving Average (MA) indicators are also in line with the bearish price trend, and MetisDAO will likely continue trading lower soon.
The Moving average is currently at $34.92, just above the current price of $32.39, which points to further declining prices soon. The RSI is also bearish, indicating that the MetisDAO may struggle to break above the $37.51 resistance for now.
The 50-day MA is currently at $32.87, and the 200-day MA is at $33.05, indicating a bearish trend for the token shortly. As such, MetisDAO will continue to move lower unless there is an unexpected surge in buying demand.
Looking at the MACD indicator, the histogram is in a red candlestick, indicating that Metis DAO could continue to go down soon. The MACD line is also below the signal line, another sign of bearishness.
The relative strength index is also trading below the 70.00 level, which indicates that there is still a lot of selling pressure in the market and could continue to move lower if the current conditions persist.
In summary, MetisDAO is trading in bearish territory and could continue to move lower if the current selling pressure persists. The bulls need to break through the resistance of $37.51 and above to gain control over the markets.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
