$MET added 51% in 24 hours. Its 7-day change is 53.1%, so nearly the entire weekly move happened today, while BTC slipped 1.65%.
The volume is what makes it more than a thin pump. About 31.5M USDT traded, 13 times the 7-day average. That is a lot of new money arriving at once, not a few large orders in an empty book.
Price is 0.4696, only 2.6% under the weekly high of 0.4821. Hourly RSI is 72.6. Hot, but I have seen higher on coins that kept going.
My problem with it is timing. When a coin does a whole week's move in one day, the people who bought early are sitting on a 50% gain with the high right above them. That is usually where profit taking shows up.
So I am interested but not buying here. A close above 0.4821 with volume staying well above normal would tell me buyers are still in control. If MET falls back under 0.40 and volume drops off quickly, today was a one-day spike, and I would expect a good part of the move to give back.
#Meteora #MET
The volume is what makes it more than a thin pump. About 31.5M USDT traded, 13 times the 7-day average. That is a lot of new money arriving at once, not a few large orders in an empty book.
Price is 0.4696, only 2.6% under the weekly high of 0.4821. Hourly RSI is 72.6. Hot, but I have seen higher on coins that kept going.
My problem with it is timing. When a coin does a whole week's move in one day, the people who bought early are sitting on a 50% gain with the high right above them. That is usually where profit taking shows up.
So I am interested but not buying here. A close above 0.4821 with volume staying well above normal would tell me buyers are still in control. If MET falls back under 0.40 and volume drops off quickly, today was a one-day spike, and I would expect a good part of the move to give back.
#Meteora #MET