The Metaverse coin continues trading within the descending channel and it fails to show any signs of strength. Strong resistance has been formed near $4 level that previously acted as a support.
The Fibonacci applied to the corrective wave after $4 support breakout shows that 127.2% retracement level was broken and next potential target is at 227.2% while the final downside target is 372.2% at $1.3
Yesterday ETP/USD broke below the uptrend trendline, rejected 127.2% Fibs as well as 2/1 Gann Fan trendline.
The trend should remain very bearish and more weakness should be expected. The only way for Metaverse to reverse is to go above $4.
The Fibonacci applied to the corrective wave after $4 support breakout shows that 127.2% retracement level was broken and next potential target is at 227.2% while the final downside target is 372.2% at $1.3
Yesterday ETP/USD broke below the uptrend trendline, rejected 127.2% Fibs as well as 2/1 Gann Fan trendline.
The trend should remain very bearish and more weakness should be expected. The only way for Metaverse to reverse is to go above $4.
Trade closed: target reached
Comment:
