Myro breakout indicators - solid long opportunity

Updated

If we're looking at the Solana meme coin space, Myro tends to move a bit behind WIF. Currently Myro has been in a slow but steady recovery, establishing higher levels of support. If we look at the charts and history, we're in the almost exact formation WIF was on January 8th price point wise and chart structure - also similar to where Myro was before it's parabolic move, but we now have much stronger support levels and a long period of consolidation that is an indicator we should make an ATH soon.

Even with the drops and consolidation we've seen, it's still moving along the channel and the lows continue to rise with the support channel, which is a great sign.

I'd expect a small dip in the next day, possibly to .068 (or it could be very slight down to .072), and then it seems very likely as BTC and SOL cool off a bit, we'll see traders moving some of that money back to Alt coins which should give a nice chunk of liquidity for Myro to start it's next run.

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The time scale on this to happen could be a week, or a bit more - it will depend on performance of BTC and Sol - when those cool off and people swap liquidity back to alts. It will also likely follow when Wif cools off as well.

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Looking almost right on track here - slight delay from what I graphed, but the time scale was expected to actually take longer than this. We're seeing that brief pullback after breaching .10 key resistance and I expect Myro to test .12 very soon at this rate. We're seeing Wif cooling off a bit as well, so expect that liquidity to flow to Myro and over the coming days weeks this should play out nicely. My target for this trade is .3 and will take some profit, then possibly buy back a dip after that.

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As expected a bit of consolidation/profit taking around after briefly passing .10, next resistance is around .12, which should test soon. So far on track and looking good.

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And there it was - as expected a solid and steady consolidation/profit taking from around .16 last night and a swift drop just now to .106 with a fast rebound above .12 - this certainly shook out leverage on both sides and now we're looking great to move towards .3 possibly much sooner than expected by the end of the week. Still holding the trade, will take profit around .3, but holding for a while as I think this will see exponential growth similar to WIF soon.

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WOW. Moving so much faster than I expected and ATH reached touching above .31 - took a very small bit of profit, smaller than planned because of several reasons:
1 it's moving similar to how WIF did when it broke out
2 we're in price discovery
3 RSI is in a good zone, even when it reaches 78-82 zone, these quick dips are getting bought up so fast that there's very little room to take profit and then buy back in enough time

Overall I would say even if it retraces 20 percent I would still hold as this could be a very wild week of growth. Good luck!

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Incredible day, really seems like MYRO is taking a similar path to WIF. And we know Binance will be listing MYRO on the 7th, so we can expect more growth in the lead up, easily hitting .50 by then, with a slight correction and swift bounce back as it climbs towards $1.00. I would say given market sentiment, the general enthusiasm of the crypto community, it would be wise to hold this to $1, and likely beyond that as it should continue to follow WIF. Set markers to take a bit of profit and enjoy the ride.

Remember that every 4 years around the btc halving cycle there have been meme coins like DOGE, SHIB and PEPE that have gone single or even double digit billion dollar market caps - it seems this is a meme coin super cycle happening now as Bonk and WIF have crossed a billion, and now Myro could be about to do the same.

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Correction - I misread the Binance announcement - futures listing was the 5th at 08:00 UTC for MYRO, 1000PEPEUSDC is the 7th at 08:00 UTC. Though I would advise against going with too much leverage cause as you can see the moves in either direction can be swift and brutal depending on what end you're on.

Metrics still look good as we saw a climb to .39 and then a healthy 20 percent consolidation and are currently bouncing around .29 - still almost 100% gain for the day. I'd expect some sideways movement and then a climb back up to .41 and to .50 by the end of the week, possibly sooner if sentiment continues like this.

Good luck!

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Quick update - we saw a big flush yesterday around 23:00 utc across the crypto space, some coins like Myro and WIF flushing 50% before rebounding an hour or two later. This is a good example of big money flushing leverage, spooking small fish and getting more for a low price - at one moment for maybe just 30 seconds Myro had a sell candle touch down to .15 and traders scooped it right up, then it returned to over .23 within minutes and began climbing back up. Lesson here is be wary of trying to play these pivots because they can be brutal and fast and most of the time you'll lose. Current strategy is to hold as it trades sideways a bit, then take some profit at .5, which I would then expect a retrace to .4 before climbing to .6. However, with new exchange listings such as Crypto.com it could easily skip a pivot point of .5 and continue. So pick your targets for taking a bit of profit and stick to them, then hang on for future targets - I still think we're looking great for hitting $1 very soon, within the next few weeks.

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Just touched 36.59 on the RSI bouncing off approximately .31445 - I think this is where we begin the next leg up - modest target .44, medium .52 and max would be .6 with a 20 percent correction establishing .41 as new support. Let's see where it goes!

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Still ranging today with .3 holding as support, which is great. I expected a hard bounce there, but perhaps we'll test it one more time before beginning the climb. Even if Myro breaks .3 I would just hold and wait and not short this as it could really move up fast as Solana picks up as well.

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Updating my analysis from .076 to .30, which was pretty spot on though MYRO moved on a much faster scale than I anticipated. Using the same analysis looking at WIF, which Myro has always followed closely behind and is on the same blockchain of Solana, we can expect similar movement now that it has broken out from it's previous peak ATH of .26, made a new ATH and moving into price discovery.

Recently MYRO tested a new ATH of .448, which is currently having a healthy consolidation around .37, possibly a bit lower and likely will range for the weekend. Looking at WIF's trend history (which again played out almost to the T when MYRO began it's breakout at .076), we should expect another swift and fast climb for MYRO very soon in the coming days. Once MYRO moves above .40 and passes it's new ATH we should be set to begin this pattern. Again the time frame could be faster or slower than charted, but I would expect it to move quite similar to how WIF did over two weeks ago.

After we reach pass $1 and hold we'll have to see where the market is and if meme coin sentiment is still holding strong. At the moment it does not look to be cooling off as more exchanges continue listing futures, and we will have spot listings rise soon too - the big parabolic moves will come with spot listings from Coinbase, Binance, OKX and Robinhood. If this meme coin super cycle continues we could see events similar to the booms of DOGE, SHIB and PEPE in previous bull runs, which will see growth across all newly established and old meme coins.

I would say anywhere around the .3, even the .4 range is a still a strong entry point for a spot long. I would say if you're planning on trading with leverage to have your stops carefully placed. As we've seen before there can be swift flushes that get bought up as quickly as they dropped, so also be wary of trying to time these pivot points since they can be much briefer than charted.

Let's see how this goes and hope to be taking more profit at $1.

Good luck!

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Still ranging, holding nicely above .29 - WIF is moving now, so I'd expect MYRO to move once WIF cools off. If MYRO clears .44 and holds then the target should be .6 before the next consolidation.

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Huge move by WIF, MYRO is starting to follow - hope you got your spot longs in on the multiple chances while it tested .30 because it is starting it's next leg up. Should be a big day, good luck!

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As expected we have a flush of BTC and across the board for crypto that has been happening around 14:00 UTC, the downslide starting around 13:00 - small fish panic and sell, which quickly gets bought up. MYRO didn't flush much and showing very bullish signs, so I'm expecting we clear .50 easily in a day, likely touching .60 and the faster this happens the more we'll see multiples happen just like with WIF when it was at this price point.

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Lots of volatility as there was another flush several hours ago from BTC and across the market. The good news for MYRO is that on the weekly time frame the trajectory is solid and it has established a higher low at .34. And as SOL keeps rising this means more liquidity will flow across the chain when it takes a breather.

While it is a bit frustrating watching it range and having multiple rejections from .42 and ATH of .44, this is to be expected and until MYRO clears .44 and holds it - that's the point we should expect it to mirror WIF's rapid rise above $1. Until then the best thing to do is sit back and wait, don't get caught up in these wild leverage swings.

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Dumps continue across the board and BTC could easily reach 64k. MYRO has tested .28-.29 support and as long as it holds .28, it shouldn't dip lower. End of the day the same advice applies in these scenarios, sit on your hands and don't make any moves as folks with leverage get wrecked. Once this passes we should see the path cleared for a healthy move up.

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Lots of chop continues across the board, with drops and then things running back, and then down again following BTC's moves as we get closer to the halving. We also have a lot of people chasing newly minted meme coins and jumping into presales and getting screwed, so there's a lot of liquidity that's missing established meme coins, and crypto. For Myro I'm just sitting on my hands - on the macro it still looks great, and it's doing what WIF and almost every other coin is doing. So once BTC stabilizes from the current correction and starts running back up, we'll see Myro follow Wif and make a large move as well. Patience is key. Good luck!

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BTC continues to slowly slide, though it's a shallow correction and seems to be bottoming - likely a bounce at 62k. The great news is that even as BTC has slid further, Myro is now ranging and .20 has held as solid support. Taking that into consideration and considering the total correction from the ATH of .44, this is looking like a great entry point for those that would like to buy the dip, or if you'd like to add more to your position. There's of course always risk entering at this point, and I would advise against doing anything with leverage as we're still not out of the woods, but for a spot entry it is worth the risk for me personally.

Good luck and remember we're still very early in this bull run and the halving is about 3 weeks away!

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FOMC today at 14:30 EST, with that BTC should reach the bottom if we haven't already - possibility of testing near 60k one more time. Myro doing what one would expect, holding support and if we do one more dip we can see .19-.18 will be the bottom if this isn't in already. Personally .20 was a great re-entry for me, taking some of my profits from .41 and putting 1/3 back, DCA in case we dip a tad lower.

On the Macro MYRO is still looking good and if we compare to WIF's historical data we see that it had three big breaks over .4 and then retraced to .20 the first time, .17 the second time and .28 the third. This is normal for a meme coin and is part of the process of shaking out those that bought in extremely early, paper hands etc. So in general 50%-60% retracement from ATH is the max and a fantastic buying point. I expect after today or EOD tomorrow this will start moving back up and testing another ATH within the coming weeks. But again, that will all depend on once BTC bottoms and turns around.

Hang tight and good luck!

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Myro moving up to establishing new levels of support and higher lows as BTC continues to range and consolidate. Once BTC makes a new ATH and is clear this pre-halving angst has passed Myro should start a strong move towards .60 (raising this target since Myro is consolidating above .25 instead of .20 now).

For now continuing with the same strategy of sitting back and relaxing, waiting out this chop until the halving, or perhaps a bit sooner. Overall looking solid!

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Well it was a longer period of consolidation than expected but for those who held on it seems like wave three is underway with an immediate target around .44 and I think the end of this wave puts MYRO around 1.30 - 1.50, .80 at the most conservative.

mgreyd

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