The Myro price has plunged by 16% to hold a spot price of $0.173 as of 8:11 a.m. EST.
However, despite the dip, OptimusBull expresses optimism about the meme coin’s recovery as he calls on his 21.2K X followers to buy the dip.
To date all dips on $MYRO have proven to be a good buying opportunity…
I don’t see the current dip being any different…..
— OptimusBull (🥷🥷) (@OptimusBull_) January 25, 2024
Myro Price Prediction: Could Myro Bounce Back?
Bears are seen in control of the meme coin as indicated by an in-depth analysis of MYRO/USDT 1-hour charts. Looking at the Bollinger Bands (BB), we see that the price is currently near the lower Bollinger Band, indicating potentially oversold conditions. Considering the oversold conditions, a possible price rebound if buyers step in could be possible.
This is backed by the Relative Strength Índice (RSI), which is around 35.5, close to the oversold threshold of 30. This often suggests that the asset may be undervalued, and a trend reversal or pullback might be imminent.
Myro Price Prediction: Will Bears Push The Dip Further?
On the other hand, the Awesome Oscillator (AO) histogram shows red bars below the zero line, and they appear to be increasing in length. This indicates that the current bearish momentum still possesses strength, which could precede a continued bear sentiment. If the price breaks below the lower band, it might indicate a continuation of the downtrend.
The Average Directional Índice (ADX) shows a weak bull trend backing the bear prospects as it moves around 20. There are also several bearish engulfing patterns marked as “BE” on the chart, indicating moments where selling pressure overcame buying pressure. These patterns often signal bearish sentiment in the market.
The price is below the 20-period Simple Moving Average (SMA) (The orange line of the Bollinger Bands), suggesting a bearish trend.
Considering all these indicators, the current chart presents a bearish outlook, with the price trending downward and several indicators suggesting that the asset is in a bearish phase. However, the proximity to the lower Bollinger Band and the RSI nearing oversold conditions could mean that there might be potential for a short-term price rebound if the market sentiment shifts and buying pressure increases.
1-hour MYRO/USDT chart | Source: TradingView
Meanwhile, as the Myro price struggles, a successor to Sponge ($SPONGE) is emerging as another compelling meme coin alternative.
Sponge V2: An Alternative to MYRO?
Sponge V2, the much-anticipated follow-up to Sponge V1, is preparing to launch on various exchanges. Those who missed the opportunity to engage in Sponge’s 100x surge in 2023 now have another chance with SpongeV2.
10 exchanges not enough? 😉#SpongeV2 will be listed on BIGGER AND BETTER exchanges! 🔥
— $SPONGE (@spongeoneth) January 23, 2024
After securing spots on major centralized exchanges, including BitMart, LBank, and Toobit, SpongeV1 drew more than 13,000 participants, and its market capitalization exceeded $100 million.
SpongeV2 has already seen over $4.4 million in tokens staked and bridged. One feature that distinguishes Sponge V2 from its forerunner is its novel Play-to-Earn (P2E) gaming feature, incorporating thrilling gaming activities into the user experience.
Justin Sun’s Engagement with SPONGE
Last year, Tron foudner Justin Sun bought $SPONGE tokens that now are valued at upwards of $90,000. This acquisition aligns with his previous declaration on X regarding his plans to invest in meme coin ventures with potential.
I’ve decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
The stake-to-earn approach, a new addition in Sponge V2, offers an astounding 273% annual return. With the Myro price currently struggling, meme coin lovers can hop onto this project for guaranteed gains.
Prominent YouTuber Conor Kenny, boasting over 178K subscribers, believes this project might surpass Sponge V1 in fame and again achieve 100x gains on launch.
To obtain Sponge V2 tokens, connect your wallet to the SpongeV2 website and trade your Ethereum or USDT for V2 tokens. Alternatively, you can utilize a credit card for the purchase.
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