Metal DAO (MTL) Price Prediction: $1.10494 Resistance Will Likely Turn To Support

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Metal DAO is making progress in the market today, returning to the $1 level it attained on February 12, 2023. The trading volume of the asset has increased by 32.66% today. Metal DAO has traded between $0.9 and $1 from January 20, 2023, up to date.

Factors That Could Be Behind The Metal DAO Price Surge

Meta DAO (MTL) is the utility token that governs Metal Dollar (XMD), a stablecoin. It provides trading discounts to MTL holders that use the Meta Pay cash and crypto app. Also, Meta Pay customers with up to 10,000 MTL tokens will not be charged on crypto purchases on the platform.

Here are some events that could be driving the rally on the network.

Metal Pay Creates Avenue For Faster Payments

Metal DAO aims to simplify its financial service for users without blockchain or FinTech knowledge. The Metal Pay platform is the solution created by Metal DAO to simplify financial services for users.

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With Metal Pay, you can buy and sell over 65 crypto assets, which supports the free transfer of money. Users can easily download the Metal Pay app on the Apple App Store and Google Play. It can link to a bank account and also process fiat currency payments.

Metal Pay is also compatible with EvoShare, a financial company. Users can easily convert EvoShare cash back to cryptocurrency. Also, Metal DAO has unveiled plans for a Metal Pay Credit Card that enables users to receive crypto rewards for spending US Dollars.

Proton Blockchain Launched

Metallicus has produced two blockchains, the proton blockchain, and the metal blockchain.

Its proton blockchain is one of the outstanding blockchains at the moment. A proposal was submitted to the proton blockchain block producers by Marshal Hayner, the CEO of Mettalicus.

This proposal sought to unlock the potential of the blockchain by giving grants to several members of the proton community. These grants will support block producers, the community, developers, and marketing.

The proposal was shared with the community and required 15 of 21 votes for block producers to vote in favor. However, after careful consideration due to concerns from some block producers, there was a second proposal. It featured a reduced grant, but the Metallicus community chose the initial proposal, which was approved.

Metal Blockchain Launched

Also, Metallicus launched Metal Blockchain, a layer zero blockchain that allows any chain to search and find consensus. The process involves using the snow protocols that operate on a Proof-of-stake (PoS) model, which is efficient and eliminates the Proof-of-Work (PoW) framework.

It can process 4500 transactions per second and operates with various sub-chains. They are the Proton (A Chain), EVM (C Chain), Stake (P Chain), and Exchange (X Chain). The proton A chain handles payments, Decentralized finance (DeFi), DAOs, and more with high efficiency.

The EVM chain handles the Ethereum Virtual Machine and serves to deploy Solidity contracts relating to top cryptocurrencies. Also, the Stake P Chain is built for stakers on the Metal network to validate transactions or delegate responsibilities to other validators. This process earns validators staking rewards.

Lastly, the Exchange X Chain handles cross-chain exchanges and all transfers between sub-chains on the network. The Metal blockchain offers users a web authentication feature for all transactions on the Metal EVM (A, C, P, X Chains). It implies that users can transact securely on the blockchain on their mobile devices without downloading wallet software.

Metal provides a more secure way of transacting with the blockchain, and eliminates the risk of using extension wallets. On the platform, users can sign in with face recognition or fingerprint patterns. In addition, the web authentication feature aligns with the World Wide Web (W3C) recommendations.

Metal DAO Price Prediction

Metal DAO (MTL) Price Prediction: $1.10494 Resistance Will Likely Turn To Support — Source: Tradingview.com

MTL is in an uptrend today, trading at $1.08 and representing another green day for the asset on the charts. After closing on February 14 at $0.9992, it has returned to the $1 price today. Additionally, metal DAO is trading above its 50-day Simple Moving Average (SMA), a short-term bullish trend for the asset.

Also, it is trading above its 200-day SMA after closing below the indicator on February 14, which is still a reflection of bullish momentum. Its support levels are $0.94035, $0.96778, and $1.02264, and the resistance levels are $1.10494, $1.13236, and $1.18723.

The Relative Strength Index (RSI) is 59.13 in the neutral zone. However, the indicator is rising on the price charts, which is a bullish signal. MTL’s Moving Average Convergence/Divergence (MACD) is below the signal line, a bearish sentiment. A close look at the indicator shows the possibility of a retracement above its signal line soon.

MTL will likely break the $1.10494 resistance level soon if the rally continues. However, if there is a slight pullback, the $1.02264 support will prevent a decline below $1.

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