Strings tightened for Metis (METIS): Will the price decline continue?

2024-01-30 08:18:41

Layer-2 project Metis (METIS) has fallen by more than 5% in the last eight hours, approaching a significant breakout.

The cryptocurrency market is nearing the close of the first month of 2023. On January 31, there will be an important close for the cryptocurrency market. In the first month, the crypto market moved quite cautiously.

With the launch of spot Bitcoin ETFs on Jan. 11, a massive decline was observed in the cryptocurrency market. Many altcoins were also affected by the decline, which took place due to profit selling and the Grayscale agenda.

Popular layer-2 project Metis has started to decline from its peak of $135 on Jan. 15. METIS lost nearly 36 percent of its value in 15 days and fell to $ 86. Does METIS have enough structure for the turn?

Will Metis (METIS) live up to expectations?

The layer-2 project Metis (METIS), which gained popularity in a short time and reached a significant investor base, has been exhibiting downward mobility for a long time. METIS is among the coins that spot Bitcoin ETFs don’t work for.

Metis reached more than 100K participants in the first 2 weeks of its Community Testing initiative. Launching the Community Testing initiative for the PoS (Proof of Stake) Ranker Pool, the team hosted a huge turnout. Participants traded on Metis’ testnet before the mainnet. With these processes, the durability and functionality of the network were tested. In addition, the Metis team underlined that it will reward the participants.

With a focus on ecosystem and community development, Metis has had a rough time on the crypto side. METIS fell sharply to $86.

Looking at the METIS chart, it appears that the price is trying to hold on to the $86 level, which is an important area. A loss of this zone could lead METIS break the intermediate trading zone and drop to the $81.50 support. If METIS fails to hold on to the $81.50 support, it could pull back to the major support point at the $72.20 area.

METIS may rise if it signals a recovery and the price persists within the box. METIS could test the USD 91 resistance. Breaking above this zone could take it to $98.3. The resistance point that will ignite the uptrend for METIS will be the $105 zone.

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