Meteora Prices Aim for $0.60 as Rally Continues Following Listings

Meteora (MET) is experiencing a significant price surge, recently rising by 28% and testing the $0.50 mark. Elevated trading volumes indicate strong market interest, with the potential to reach $0.60. However, there is a risk of a pullback due to overbought conditions.

Key Takeaways

Meteora's price has increased by 28% in 24 hours, currently testing the $0.50 level.
The breakout follows recent listings on Crypto.com and Coinbase.
Technical indicators show high volatility and overbought conditions, suggesting a potential short-term price pullback.
The project has introduced new products, boosting community interest and momentum.

meteora price

Technical Analysis of Meteora Price

Meteora (MET) has jumped 28% over the last 24 hours, with trading volumes increasing by over 100%. This notable rise indicates a breakout from a rounded bottom formation that formed in the $0.33 to $0.40 range over the past few weeks.

The previously established resistance at the $0.40 mark has now turned into support on the 4-hour (4H) timeframe. At this point, the MET price is testing the critical psychological level of $0.50, which also aligns with horizontal resistance that was observed in late October. This was the same period when MET saw a consolidation before breaking down to the $0.30 range.

Currently, the Relative Strength Index (RSI) stands at an overbought 77, with volatility reaching its peak, suggesting a heightened risk for short-term exhaustion at the current price levels. Nonetheless, the high readings on the Bollinger Band Width Percentage (BBWP) indicator, particularly when combined with increased trading volume, could indicate a continuation spike. This upswing could potentially lead to a retest of the $0.55 and $0.60 levels.

The 9 Exponential Moving Average (EMA), marked in cyan, may serve as a dynamic support level, helping to absorb potential profit-taking pullbacks. However, if this EMA fails to hold, buyers are likely to step in at the $0.40 mark to safeguard the breakout structure.

Meteora price eyes $0.60 as rally extends following Crypto.com and Coinbase listings - 1
4-hour Meteora (MET) price chart | Source: TradingView

Catalysts for Meteora Price Breakout

The breakout in Meteora's price correlates with several positive developments, notably its listings on Crypto.com and Coinbase Perpetuals. These listings have contributed to a surge in interest and trading for MET.

Moreover, Meteora has rolled out a new suite of products, including the Meteora Invent launchpad, as part of its token generation event that took place on October 23.

Adding to the positive momentum, community dialogue emphasizes that Meteora's decentralized exchange is generating fees nearly comparable to Uniswap, yet it is currently valued at only a fraction—about a tenth—of Uniswap's market cap. "Generating the same fees, with a $400 million valuation, while keeping pace with long-established protocols. And it’s still under the radar???," user @BagCalls commented in a post on X.

This combination of new products and strategic listings is likely boosting market sentiment toward Meteora and fueling its current price rally.