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Despite double-digit losses among meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), Myro (MYRO) stands out with a remarkable price surge of over 50%.
The optimism surrounding MYRO stems from investor accumulation ahead of its anticipated listing on the Binance Exchange for the USDT-M perpetual contract. Binance's report outlines plans to list MYRO against the Tether (USDT) stablecoin, offering a perpetual contract with 50X leverage.
Market Dynamics and Price Outlook
MYRO reached a peak of $0.38500, remaining bullish while its counterparts experienced significant declines. Other tokens demonstrating resilience include PepeFork (PORK), a fork of the frog-themed PEPE, and Toshi, powered by the TOSHI token. Additionally, Dogwifhat (WIF) anticipates increased volatility upon its Binance listing following its debut on Robinhood. The "buy the rumor, sell the news" scenario likely applies to MYRO and WIF.
The current outlook for MYRO price remains positive, maintaining its position above the January 19 supply zone, ranging from $0.1901 to $0.2347. A potential close above this order block on the daily timeframe could prompt a continuation of the intermediate uptrend.
Bullish sentiment dominates the market, evidenced by rising momentum indicated by the Relative Strength Index (RSI).
According to Fx Street, both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) signal upside potential, with significant volumes of green histogram bars in positive territory.
Based on a Coinfomania report, Myro's market capitalization has witnessed a notable increase, now exceeding $271 million. This places MYRO as the 11th largest memecoin in the market in terms of market capitalization.
Looking Deeper Into the Market
Anticipated buying pressure may drive MYRO price above the psychological level of $0.3000. In an exceptionally bullish scenario, gains could extend to the intra-day high of $0.3850. Surpassing this local peak would pave the way for further gains, potentially reaching the psychological barrier of $0.4000, marking a potential increase of 46% from current levels.
Conversely, profit-taking could push MYRO price below the centerline at $0.2136, confirming the supply zone as resistance. The MYRO price may retest support levels around $0.1523 in such a scenario.
Photo: Kanchanara/Unsplash
