On the 1D timeframe, MET/USDT is still in a clear downtrend, characterized by consistent lower highs and lower lows since its previous peak.
However, current price action shows:
Price is starting to form a base / consolidation at the lows.
A clear descending trendline resistance (yellow line) that has been tested multiple times.
Price is approaching a key breakout area around 0.1545.
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š Pattern Analysis
š» Descending Triangle / Descending Structure
Lower highs forming a descending resistance line.
Relatively strong horizontal support around 0.13 ā 0.14.
Typically a bearish continuation pattern, but if broken to the upside ā can lead to a strong reversal.
Additionally, there is also a potential:
š Base Accumulation
Sideways movement below resistance.
Indicates possible accumulation before a larger move.
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š Bullish Scenario
Bullish confirmation occurs if:
Price breaks out above the descending trendline
Successfully closes above:
0.1545 (key initial resistance)
šÆ Upside targets:
0.1710
0.1860
0.1975
0.2300 (major resistance)
š Additional confirmation:
Increasing volume during breakout
Successful retest of 0.1545 as new support
š This could signal an early trend reversal / relief rally after a prolonged downtrend.
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š» Bearish Scenario
Bearish continuation remains valid if:
Price fails to break the trendline
Or faces strong rejection at resistance
š Downside targets:
0.1350
0.1238 (previous low)
If breakdown occurs ā potential for new lower lows
ā ļø A breakdown from the base confirms continuation of the downtrend.
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āļø Conclusion
The structure remains bearish, but momentum is weakening.
Current area is a key decision zone.
Breakout = strong bullish opportunity
Rejection = continuation of bearish trend
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