$METIS update. This thing is going to blow up!
Updated
METISUSDT - has been on an excellent run, getting in at $20 was a good investment - however, worth keeping in mind that there are going to be pullbacks, and if you're actively trading this (*I am 50%) then we are coming up to a useful moment. What larger players are looking for are liquidity levels into which they can either buy or sell. The last MAJOR liquidity gap - was at around $97 - hence notable that as we were driving hard over the christmas period, price pipped that level and then immediately sold down to the nearest support - i.e around $75, consolidated, accumulated then pushed up again.
We're approaching another TWO levels, and have almost pipped one of them (*see blue box) but given the traction MMETIS is getting I see up pushing through these over the next few days.
A decent pullback to major resistance at $105 would then be on the cards. Before a further push up.
Of course there are many independent variable here, narratives are key (Metis EDF launch, sequencer mining launch, who gets what support from the DAO etc, but broader the BTC/ALTcoin differential and "pre-halving pullback" bears...) but thats how I'm playing it.
However be aware, that as TVL has rapidly ticked up so has the possibility of MAJOR players moving in to screw with the system. Could see a MASSIVE push up, taking out everyones stops and then a pullback. If you don't want to miss out I would suggest holding a spot bag in a cold wallet.
In meantime, there is MMETIS beta to be had, ecosystem tokens are flying - but with excellent volatility.
Meme tokens are fine but personally I like anything with reflections in Ecosystem tokens - MCC (MetisChainCapital / metischain.capital/) is a good one, or obviously HHERMES which is the next major narrative with the V2 launch...
Good hunting
Trade active
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 (HHERMES 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
MMETIS eco plays are cheap now and expect their upside on recovery to be proportionally larger as well.
I remain in
MCC
(MetisChainCapital)
I am flipping some MMETIS for HHERMES 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
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