- Metis crypto’s trading volume has advanced by 1300% over the last 24 hours.
- The crypto’s price is still down by 75% from the all-time high.
Metis Token (METIS) is an Ethereum Layer-2 scaling solution addressing decentralization, security, and scalability.
It facilitates transactions within the Metis ecosystem, supporting staking and payments through Decentralized Autonomous Companies (DACs).
Founded by Elena Sinelnikova, Kevin Liu, and Yuan Su, Metis aims to solve Ethereum’s speed and cost challenges.
![Metis](https://themarketperiodical.com/wp-content/uploads/2024/05/image-329.webp)
As the whole crypto market is gaining traders’ and investors’ interest at press time, Metis crypto has also witnessed a surge of 1330% in its trading volume. This further results in a traded value of $94.833M.
The liquidity of the crypto is also high, resulting in 20.31%, while the price of the crypto is highly volatile, followed by a volatility of 5.64%. Despite this, the sentiment of the Metis crypto is bullish.
Massive Engagement in Derivatives of METIS; What’s the Overall Picture?
![Metis](https://themarketperiodical.com/wp-content/uploads/2024/05/image-330-1024x253-1.webp)
The derivatives trading volume of the Metis crypto has advanced by 2750% in just the last 24 hours from the press time. That further resulted in a traded value of $270.48M.
The open interest in the crypto has further advanced by 171%, and the long/short ratio of the crypto is 1.0218.
The overall liquidation for the Metis crypto is worth $849.80K, out of which the short liquidation for the crypto’s value is $503.22K. Despite this, the short liquidation for the crypto is much lower, resulting in $346.58K in the last 24 hours.
METIS Crypto Technical Analysis
A descending triangle pattern breakout can be seen on the daily chart of the METIS crypto. The crypto’s price has also followed strong momentum as the price has advanced by 40% in the last two trading days.
![Metis](https://themarketperiodical.com/wp-content/uploads/2024/05/image-331-1024x456-1.webp)
As the price of the METIS crypto is following strong momentum, the price of the crypto might continue to advance to higher levels. It might further face resistance at the higher levels of $97.0 and $115.0.
Moreover, the support levels for the crypto are situated at the level of $22.5 and $53.0.
METIS/USD Chart by TradingView
As the 50-day and the 200-day EMAs are trading in a golden cross, the price of the METIS crypto took support at the lower band of the Bollinger Band and shot to higher levels.
It shows that the long-term trend of the crypto is bullish. The crypto’s MACD metrics are further approaching the bullish trajectory, followed by a bullish cross in the MACD and the signal line.
The RSI has also advanced above the 14-day SMA and the 50-level and is currently trading at the overbought zone. That shows bullish momentum in the price and strength in the price.
Summary
Metis Token (METIS) has surged 1300% in trading volume over the last 24 hours, reaching $94.833M.
Despite being 75% down from its all-time high, it shows strong bullish momentum with a 40% price increase in two days, driven by high liquidity and positive technical indicators suggesting further gains.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.