Will the Metal (MTL) Coin Price Retest the $1.631 Level Again?

• The MTL coin price is currently trading at $1.356.
• The coin price is in an uptrend by taking support from a trendline.

Metal (MTL) is a crypto token that operates on the Ethereum blockchain. It was designed and launched to make it easy to buy and sell cryptocurrency with fiat currency. In addition, it provides discounts to its users on trading facilities when the transaction is done by Metal Pay cash and crypto app.

Metal (MTL) Coin Analysis

The MTL stock is currently trading at $1.362 with a decline of 1.35% which it faced in the last 24 hours. The coin price is currently trading with a trading volume of $21,726,237. It is ranked at 272 positions by coin market cap because of its market capitalization of 90,354,367 USD. In addition, it has a current coin circulation of 66,588,888 MTL coins deployed in the market.

Are Bulls Still in Control in 1-Day Chart of MTL Coin?

The MTL coin price is in a continuous uptrend with strong support of an ascending trendline. It also has a strong resistance zone at $1.631 which is stopping the price from its further rise. Recently, after taking support from the ascending trendline it has initiated an uptrend rally and has gained 16.32% till now.

The 50-day and 100-day EMA lines are acting as support for the price right now and are stopping the price from falling. This shows the EMA lines are showing the presence of buyers and they are the ones who are in charge of the price. As long as the price is sustained above the EMA line it has a chance to retest the $1.631 resistance zone again.

The relative strength index is at 56.05 which is a bullish territory. However, the RSI line is pointing in a downward direction which indicates the sellers are currently applying selling pressure over the price.

In the current scenario, the price is moving up with strong support of a trendline and the EMA lines. Currently, the price is approaching to retest the EMA lines. If the next few candles form a strong bullish candle above the EMA lines then it may rise in the upward direction to retest its $1.631 resistance again. In the future, if the price gives a breakout of the $1.631 resistance then it may be seen rising to its next resistance at $2.299. 

Bears  to dominate the price, they must give the breakdown of various supports which are both EMA lines, ascending trendline, and horizontal support of the $1.164 level. If they manage to give the breakdown of these supports then the price may fall to its next support at $0.992.

Conclusion

The overall MTL price sentiment is bullish. The price is currently trading above the EMA lines with strong support of the ascending trendline which shows the bulls are dominating in the current scenario. The technical indicators are also overall bullish.

Technical levels

Resistance Levels: $1.631 and $2.299.

Support Levels: $1.164 and $0.922.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.