- MTL(Metal) is a cryptocurrency coin that was founded in 2016. It was founded by Marshall Hayner.
- MTL Pay is an app used by its users to send or receive money. It accepts both fiat currency and digital currency.
- The coin on the line chart is similar to a 45-degree line which means it is continuously moving up in the yearly time frame.
MTL is showing different situations in different time frames. Overall it is in uptrend but in the daily time frame, it is in a sideways position.
It is up by 8.26% overall but it is fluctuating continuously due to changes in the price. In today’s session, it is up 5.21% which is also changing every minute.
In this article, we will predict as well as analyze the price of metal through technical analysis.
Technical Analysis of MTL(Yearly)
Source: COINBASE: MTLUSD by Trading View
The line chart indicates that the coin from the beginning took off in the upward direction. The coin behaves differently in every other time frame.
It is up by 8.49% in the yearly time frame which is good. The current market sentiments are bullish but the F&G (Fear and Greed) index is showing 40 (fear).
According to experts, it is a good time to buy metal but no financial advice is given in the article. The opinions of experts are shared in this article.
Technical Analysis of MTL(Monthly)
Source: COINBASE: MTLUSD by Trading View
In the monthly time frame, we can see that the coin in the beginning was in the downward direction.
In the yearly time frame, it was going up only and the coin is up by 1.17% as compared to the last month.
From December 2022, the coin is in uptrend and it made 2 support points on the trend line.
Source: COINBASE: MTLUSD by Trading View
The pattern indicates that the coin was under the control of bears. It formed a bearish pattern before 2023.
The coin recorded 16/30 green days which is around 53% with a price volatility of 6.19% in the last 30 days.
The high time of the Metal Price was $1.383 after that it was not able to make its new higher highs and higher lows.
Technical Analysis of MTL(Weekly)
Source: COINBASE: MTLUSD by Trading View
We can see that, the Metal coin is in a range between the support level and the resistance level.
It might make another resistance and start to fall down again. As there is a strong resistance level near the current market price.
The coin is up by 16.66% in the last 7 days. The percentage is positive in every time frame.
Technical Analysis of MTL(Daily)
Source: COINBASE: MTLUSD by Trading View
The prices are highly volatile because the prices are constantly changing or fluctuating.
As the MLT coin is in a sideways position, it is better not to invest in this coin. For sure short returns, it can be used for investment.
The Metal coin is good for long-term investment but not suitable for mid-term or short-term investment. It is up by 5.99%.
Summary
Through the technical analysis, we can conclude that the coin is not performing well in the weekly and daily time frame.
In the past, it went up to $1.379 and now it is around $1.313 which is not a good sign. The investors have also lost their money as it drastically felt in 2022.
Many great investors suggested not to invest in cryptocurrencies.
There were many reasons for the fall but now cryptocurrencies are slowly recovering from the downfall.
Levels
Resistance Level- $1.432
Support Level- $0.627
Disclaimer
The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors.
The coins are unpredictable so investors should have proper knowledge.
Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.
