Meteora Price Surge: A 28% Increase and a Potential Test of $0.60
The Meteora price has experienced a significant surge, rising by 28% to test the $0.50 mark on increased volume. This upward momentum has led to speculation about the potential for the price to reach $0.60, although the risk of a pullback remains high due to overbought conditions and maximum volatility.
The recent price movement can be attributed to a breakout from a rounded low formation between $0.33 and $0.40. If the momentum continues, there is a possibility that the price could retest the $0.55-$0.60 range. The increase in price is likely due to the token’s recent listings on Crypto.com and Coinbase Perpetuals, which have generated significant interest and investment in the token.
Technical Analysis of Meteora Price
The technical analysis of the Meteora price indicates that the token has broken out from a rounded bottom formation, with the broken resistance at $0.40 now turning into support on the 4-hour time frame. The price is currently testing the psychological level of $0.50, which coincides with the horizontal resistance zone from late October. The RSI is overbought at 77, and volatility is at its maximum, increasing the risk of near-term exhaustion from current levels.
However, the high values of the BBWP indicator, coupled with increased volume, could also precede a sustained advance, potentially paving the way for a retest of $0.55 and $0.60. The 9 EMA (Cyan) could continue to act as dynamic support and curb profit-taking declines, but if this level cannot be sustained, buyers are likely to step in at $0.40 to defend the breakout structure.
Meteora price 4H chart | TradingView
Why Did Meteora Price Break Out?
The Meteora price breakout can be attributed to several bullish catalysts, including the token’s listing on Crypto.com and Coinbase Perpetuals. The token’s recent launch of its new product suite, specifically the Meteora Invent Launchpad, as part of its token generation event on October 23rd, has also contributed to the momentum. Community discussions have highlighted that Meteora generates almost the same fees as Uniswap, despite having a market capitalization that is only a tenth of its size.
As noted by user @BagCalls in a post on X, “Generating the same fees, with a valuation of 400M, while keeping up with protocols that have been around for years. And no one is talking about it yet???” This sentiment reflects the growing interest and investment in the token, driven by its potential for growth and its competitive advantage in the market.
For more information on the Meteora price and its potential for growth, visit https://crypto.news/meteora-price-eyes-0-60-as-rally-extends-following-crypto-com-and-coinbase-listings/
