Metaplanet's share value is plummeting rapidly.

The Metaplanet stock has been on a downward spiral, with sellers targeting the key support at ¥500 as a death cross pattern looms on the horizon. This bearish pattern occurs when the 50-day and 200-day Weighted Moving Averages near their crossover, a potential indicator of a significant drop in the stock's price.

The freefall of Metaplanet's stock price has been ongoing for several months, with the share price plummeting from its high of ¥1,930 to its current level of ¥709. This decline reached a critical point in February when the stock price crossed its highest swing for the year, the ¥723 mark.

The sell-off of Metaplanet stock may accelerate if the price of Bitcoin continues to move sideways. This correlation between the two assets is not surprising given the significant holdings of Bitcoin by various companies, including Metaplanet.

However, the situation is not unique to Metaplanet. The Bitcoin treasury company "Strategy," the world's largest Bitcoin holder, has faced unpopularity among shareholders in recent months due to ongoing doubts about its accounting and management integrity. Two shareholder lawsuits alleging questionable bookkeeping practices and management abuse were withdrawn, but this controversy has contributed to a price drop not only for Strategy but also for other companies like Metaplanet.

In a potential contrast, the price of Solana may rally due to SOL Strategies planning a Nasdaq listing. This development could shift the focus from the bearish trends in the crypto market to the growth prospects of blockchain-based companies.

Despite the challenges, it's worth noting that the Average Directional Index for Metaplanet stock has moved to 32, indicating a strengthening trend. This could suggest that the stock may find support and potentially recover in the near future. However, the market's dynamics are complex, and investors are advised to closely monitor the situation.