Metaplex vs The Market (Strongly Bullish)

٢٨ أكتوبر

This is a chart that caught my attention because of its uniqueness. The patterns on this chart is quite different to many of the other Cryptocurrency projects and trading pairs.

You are looking at Metaplex (MPLXUSDT), one of the many good looking Solana projects.
I don't know why but the projects built on top of Solana carry a good feeling...

Let's start with the candles. Last weeks candle produced a long upper wick, I see this as the removal of resistance. The pair is cleaning the way in order to move higher.

We can see a long-term ascending channel that has been broken bullish. The upper boundary of the channel matches an important fib. extension level and MPLXUSDT is trading above it.

MPLX entered these bullish conditions after consolidating (sideways) at low prices for more than a year, so this is a strong bullish chart setup.

It seems that this pair will grow regardless of what the rest of the market does. This is what it seems like, whatever happens of course is something to be seen.

Bullish, bullish, bullish; the chart looks good to me.

Namaste.