Is a new ATH on the cards after MET’s price breakout pushes it by 58%?
Key Summary
Meteora (MET) surged by 58% after breaking out above a major resistance level, with the token's trading volume spiking aggressively and the network's derivatives data indicating a strong bullish momentum. However, the derivatives data also showed a decrease in leveraged long positioning, which may affect the token's ability to sustain its current price action. Despite this, MET bulls remain optimistic about reaching the token's all-time high at $0.6161.
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Key Takeaways
Meteora's Breakout
Meteora's aggressive price breakout above the $0.4140-resistance level has pushed the token up 58% on the charts. ##Network Activity
The network's trading volume spiked aggressively by 517% to $371.66 million in just 24 hours, indicating fresh capital flowing into the token. ##
Derivatives Data
However, the derivatives data showed a decrease in leveraged long positioning, with the funding rate falling significantly over the same period. ##
Technical Backdrop
Despite this, the technical backdrop remains constructive, with the token still trading above all its key EMAs. ##
Next Target
The next significant target for buyers and Meteora bulls is the $0.6161 resistance level, which is the token's most recent all-time high. ##
Liquidity Cluster
There is an unmitigated liquidity cluster worth about $12.09 million around the resistance level, which could encourage another wave of buying towards record highs. ##
Expert Analysis
Kelvin Murithi, a crypto journalist and on-chain analyst, believes that the network's trading volume surge stands out as one of the strongest confirmations behind MET's breakout. ##
Market Structure
The market structure has been redirected towards the all-time high at $0.6161, with buyers and bulls' attention focused on this level. ##
Average Aggregated Funding Rate
The token's average aggregated funding rate stood at -0.4221 at press time, which was far less than the average predicted aggregated funding rate. ##
Conclusion
In conclusion, Meteora's aggressive price breakout has pushed the token up 58%, with the network's trading volume surge and technical backdrop remaining constructive. However, the decrease in leveraged long positioning may affect the token's ability to sustain its current price action. Despite this, MET bulls remain optimistic about reaching the token's all-time high at $0.6161.