Myro Crypto Lifts Off 14%: A Glimpse into Month-End PotentialMyro Crypto Lifts Off 14%: A Glimpse into Month-End Potential
Myro Crypto's trading activity surged, with its value reaching $0.226, marking a 14.52% intraday increase.
The rising trends in social dominance and volume indicate a bullish sentiment among investors.
MYRO crypto experienced a significant uptick, soaring more than 14% in intraday today. The asset was exchanging hands close to $0.226, marking an exit from its recent corrective trend. This upswing is in sync with the wider market's rebound.
Additionally, the daily chart reveals a distinct pattern breakout, which is supported by various indicators such as trading volume and social dominance.
Let's try to interpret each one of these metrics to understand their implications and forecast potential price targets for the upcoming trading sessions.
MYRO crypto: Volume and Social Dominance Analysis.
The Volume analysis indicates that the recent market breakout is reinforced by a significant increase in trading volume. According to coinmarketcap.com, there has been a 105.96% surge in volume inflow compared to the previous day's figures. The intraday volume inflow was $59.34 Million.
Additionally, this influx of volume may be attributed to a rise in social sentiment indicators such as social dominance and volume. Data from app.santiment.net reveals a notable increment in these social metrics, suggesting heightened activity and engagement across social media platforms like Twitter, Telegram, and others.
This trend points to a growing interest and involvement from the community in the cryptocurrency space.
How high Could Myro Attain By Month End?
The price action analysis reveals an ascending triangle pattern breakout on the daily chart, signaling the end of a corrective period and the start of a bullish trend for the Myro cryptocurrency.
Moreover, short-term traders and investors might aim for $0.26 and $0.33 as their next price targets before the crypto potentially enters another correction or pullback. However, a close below the key support level of $0.195 could invalidate the breakout scenario.
Currently, the Relative Strength Index (RSI) stands at 65.28, and the Simple Moving Average (SMA) is at 52.68 points, both suggesting a bullish trend above the mean line. The observed bullish crossover between these lines further supports the likelihood of continued upward momentum.
Conclusion.
MYRO (MYRO) crypto price surged by over 14% to $0.226, aligning with the broader market's recovery and signaling a bullish phase. Also, Trading volume spiked by 105.96%, reflecting increased investor engagement and positive social sentiment.
Moreover, The price breakout from an ascending triangle pattern on the daily chart suggests a potential rise to $0.26 and $0.33, provided it stays above the $0.195 support level. The RSI and SMA indicators corroborate this bullish outlook, with a crossover hinting at sustained upward momentum.
MYROUSD trade ideas
the price structure of MYRO assets on the daily chartAs per the price structure of MYRO assets on the daily chart, it has been observed that the price major trend happens to be an uptrend, as from the start of the year 2024, it's making higher highs and lows.
Recently, the price accomplished spectacular gains by reaching the $0.44 level from the $0.050 price support level. But, a higher price level was a strong supply level and bulls failed to jump and showed a short-term decline, as buyers formed support at the $0.20 price level.
The current support at $0.20 shows a tough consolidation happening in the price as a fierce battle is going on between bulls and bears on this level. Whoever prevails in this money battle will lead the next momentum on the daily chart of MYRO, whether it will be on the upside or the downside.
The current indicators show that the price is taking support at dynamic supports of 20, and 50-day EMA, RSI is at 50.64, and MACD is above the zero line at 0.0075. These metrics highlight buyers have started to gain minor traction on the daily chart.
Therefore, if the price manages to rise from the current support of $0.20, then the price might fly to retest supply level at $0.44, and in between buyers' horses need to surpass the hurdle of $0.32 in the process.
However, if the bears manage to prevail in the battle, the price might continue to hit the road for lower support, and the next support after breaking $0.20 will be $0.15.
