Meteora price eyes $0.60 as rally extends following Crypto.com and Coinbase listings

Meteora price rises 28% to test $0.50 on increased volume, with a potential to test $0.60, although pullback risk remains high due to overbought conditions and maximum volatility.

Technical analysis of the Meteora price

The Meteora (MET) price is up 28% in the last 24 hours, with volume up over 100%. The rise marked a breakout from a round bottom formation that has developed between $0.33 and $0.40 in recent weeks.

The broken resistance at $0.40 has now turned into support on the 4H timeframe, while MET price is testing the psychological level of $0.50, which also coincides with the late October horizontal resistance zone – where MET price last consolidated before dropping to the $0.30 region.

With the RSI overbought at 77 and volatility at maximum, the risk of short-term exhaustion from current levels has increased. However, high readings on the BBWP indicator, especially when combined with higher volume, could also precede a continuation peak, 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 pull back profit-taking, but if this level does not hold, buyers are likely to intervene at $0.40 to defend the breakout structure.

Why did the Meteora Prize break out?

The Meteora price breakout coincides with a series of bullish catalysts, most notably the token’s listings on Crypto.com And Coinbase Perpetuals.

Additionally, Meteora recently launched its new product suite, specifically the Meteora Invent launchpad as part of the token generation event on October 23.

Adding to the momentum, it is highlighted that decentralized exchange Meteora rakes in almost the same fees as Uniswap, yet is valued at barely a tenth of its market capitalization. “Generating the same fees, with a 400 million valuation, while maintaining protocols that have been in place for years. And no one is talking about that yet???,” wrote user @BagCalls in a post on X.