We’re always on the lookout for sentiment we can trade with, but over the past few weeks all the action has been mostly downwards. In what appears to be a rather promising sign, Metal (MTL) is looking like it could be in for a nice period of upwards movement, allowing the savvy traders out there to make a bit of cash during this rather bleak period.
Just What is MTL?
If you live outside of the States, there’s a good chance you’ve never heard of MTL. Simply put, MTL is the cryptocurrency token of the Metal Pay project. It touts itself as a brand-new digital bank that offers you a quick and easy way to send money and pay for goods and services. It’s currently only available in selected states, so you’re forgiven if you’ve got no idea what MTL is all about. Why did we tell you this? It’s always a good idea to know a bit about the tokens you’re thinking about trading!
Two Positive Signs Emerging
In the early hours of April 2, we saw a rather large inverted hammer appear. This is a positive sign that we try to keep an eye out for when picking a good trade. It indicates that there are buyers out there that are happy to buy at a certain price. We saw this inverted hammer appear at 4,099 sats and it topped out at 4,284 sats. Next up on our positive sign indicator is the RSI. The RSI suggests that MTL is heavily oversold and that this selling is unsustainable. This hints that we could very well see the sellers stop, giving buyers more of a chance to help drive the price upwards.
Let’s get down to business and dive into our price expectations. If this positive movement does continue and MTL does increase in value, we are expecting to see it rise to around the 4,500 sat mark. We’re looking to buy in anywhere below the 4,150 sat mark, and if you manage to achieve this price, it’s well worth setting up a stop loss around 4,000 sat – just to be on the safe side. Don’t forget to set up stops higher up to take profit off the table. We’re looking at pulling profits at 4,300 sat and 4,400 sat, while leaving a bit in the pot to try and achieve that 4,500 sat level.
As always in the crypto space, nothing is for certain as whales could dive in at any moment and push the market one way or the other. For the time being, MTL has traded relatively free of too much whale activity, so as long as we don’t see another market-wide crash, these prices are looking good.