Six hours after I called $MET a story that could end fast, it is 18.5% lower: 0.5368 then, 0.4377 now.
That warning held up. I said that if MET and RAY stayed alone while SOL kept sliding, I would treat both as crowded trades. The crowd has started to leave. MET now sits 20% under the new weekly high of 0.5468.
The volume tells me this is not a quiet pullback. About 52.6M USDT changed hands in 24 hours, 19 times the 7-day average and more than the 42.3M at my last post. With price falling, a good part of that is people taking profit.
The day still reads +37.9% and the week +48.6%, so most of the rally is still on the board. Hourly RSI dropped to 49.5, neutral, which means the overheated part is gone but no one is selling in panic either. BTC is down 1.06%, so the market is not helping.
The level I care about now is 0.40. If MET holds above it while volume calms down, the move can settle into a range. A drop under 0.40 on this kind of volume would mean the spike is unwinding, and the weekly low of 0.2823 is far below that.
#Meteora #MET
That warning held up. I said that if MET and RAY stayed alone while SOL kept sliding, I would treat both as crowded trades. The crowd has started to leave. MET now sits 20% under the new weekly high of 0.5468.
The volume tells me this is not a quiet pullback. About 52.6M USDT changed hands in 24 hours, 19 times the 7-day average and more than the 42.3M at my last post. With price falling, a good part of that is people taking profit.
The day still reads +37.9% and the week +48.6%, so most of the rally is still on the board. Hourly RSI dropped to 49.5, neutral, which means the overheated part is gone but no one is selling in panic either. BTC is down 1.06%, so the market is not helping.
The level I care about now is 0.40. If MET holds above it while volume calms down, the move can settle into a range. A drop under 0.40 on this kind of volume would mean the spike is unwinding, and the weekly low of 0.2823 is far below that.
#Meteora #MET