Metal is trading at Key Support; 200% - 300% growth potential
アップデート済
Based on our previous MTL/BTC idea, which you can find down below, it has rejected the support and broke above key resistance. Currently key resistance as acting as the support, and if it holds Metal should continue moving higher.
Looking at the MTL/USD chart, price has been very inactive during past 3 months, after MTL/USD bottomed out, hitting $0.5 low. Throughout the past tree months, most trading volume has been recorded while MTL was trading near $0.7 level, where currently it is trading. This is the level of support, that might seem to be very attractive for buyers.
As long as this support holds MTL uptrend is expected to start, potentially reaching $1.7 - $1.9, and targeting 200 Moving Average, resistance area. At the same time, there are several minor Fibonacci resistance levels, that should be watched either for rejection or a breakout. And finally the $1 physiological resistance could play a very important role in the near-term future.
The RSI oscillator broke above the descending channel and corrected down, finding the support on the upper trend line of the channel. This seems to be an indication of an uptrend, although under one condition; current support at $0.7 remains respected.
To summarise, MTL is trading at the key level, which could be a decision making price. If current support will hold, uptrend should start. Break below the support could result in further consolidation between $0.5 and $0.7 levels.
Support:
$0.7
$0.5
Resistance:
$1.0
$1.9
Looking at the MTL/USD chart, price has been very inactive during past 3 months, after MTL/USD bottomed out, hitting $0.5 low. Throughout the past tree months, most trading volume has been recorded while MTL was trading near $0.7 level, where currently it is trading. This is the level of support, that might seem to be very attractive for buyers.
As long as this support holds MTL uptrend is expected to start, potentially reaching $1.7 - $1.9, and targeting 200 Moving Average, resistance area. At the same time, there are several minor Fibonacci resistance levels, that should be watched either for rejection or a breakout. And finally the $1 physiological resistance could play a very important role in the near-term future.
The RSI oscillator broke above the descending channel and corrected down, finding the support on the upper trend line of the channel. This seems to be an indication of an uptrend, although under one condition; current support at $0.7 remains respected.
To summarise, MTL is trading at the key level, which could be a decision making price. If current support will hold, uptrend should start. Break below the support could result in further consolidation between $0.5 and $0.7 levels.
Support:
$0.7
$0.5
Resistance:
$1.0
$1.9
トレード終了: 利益確定目標に到達
MTL reached the support
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