Price Analysis

MYRO Breaks Out Of Sideway Pattern, May Be Its Time To Buy

Named after the Dog of Solana co-founder MYRO token is one of the Solana network memecoin. The Token today has moved +14% in 24 hours and 34.90% in a month and currently trading at a weekly high of 0.193 USD.

In the daily chart, we can see the meme coin achieved a new all-time high of $0.446 in March 2024, and could not breach further. MYRO performance from the ATH till mid-April was bearish and a break out from there pushed the wave to trade sideways till then. 

But Yesterday, the price made a breach above the sideway channel and heading towards the resistance of $0.196. Supported by the memecoin season If the buyers get in to accumulate more, the price will rally above the resistance. 

Having a resistance at $0.122, the RSI at 59 reads the signal coming out of neutral zone to a bullish zone. With Bull Bear Power reading Positive at 0.03 shows a uptrend coming. 

Trade Setup For Myro

The current market uptrend with Bitcoin crossing $66K gives a positive moment to the meme coins too. While we see all the top meme coins like Doge, PEPE, Shib and WIF are up and growing with market. 

With the new breakout here is the time for Trend traders who can rely on the increase buying pressure.

Traders can wait for the breach above the resistance of $0.196 and enter the position in the same zone.If the price breaches this resistance we can see the rally enter int $0.2 to $0.25 range by this weekend.

Reaching All time high could be invalidate as per the other indicators.

SOURCE

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