MYRO Price Dropped 10% Intraday: Is a Major Correction Ahead?

• 1 The MYRO token price witnessed a bearish engulfing candlestick, signifying selling pressure.
• 2 Investors are looking in a panic situation and are booking their profit aggressively.

The Myro token (MYRO) replicated a notable drop of around 10% in the intraday session and breached the weekly low mark of $0.3000, signifying the selling pressure on the charts. The token is heading to take support on the 20-day EMA, and profit booking was noted in the previous session. Per the price action, the technicals are suggesting a major correction ahead and are delivering a possible down move toward $0.2000, which can be seen shortly.

At press time, the Myro token (MYRO) price was trading at $0.2989 with an intraday gain of 10.12%, indicating a retracement on the charts. It has a monthly return ratio of 233.30% and 720.89% on a yearly basis. The pair of MYRO/BTC is at 0.00000433 BTC, and the market cap is $296.53 Million. Analysts are neutral and suggest the MYRO price will face further selloff and may soon retest the $0.2000 mark.

MYRO Witnessed a Decline in Price and Volume; Have Sellers Entered in the Game?

This week, the Myro crypto price noted a pause after a gigantic move from $0.1000 to a remarkable surge of over 200% this month. However, this pump-and-dump movement led investors into trouble, and aggressive profit booking resulted in a decline of over 10% in the intraday session. Likewise, the trading volume declined by over 49.66% to $88.99 million, implying a negative outlook.

Price Volatility and Sentiment Looks Neutral; What Does it Mean?

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Amidst the harsh fluctuations this week, the price volatility keeps declining and has slipped to the bottom mark of 0.085. Likewise, the total weighted sentiment noted a decline and remained in the negative territory close to the value of -0.247, indicating low investor interest.

Social Dominance and Relative Strength Index Outlook

The social dominance data looks neutral, and an uptick has been witnessed, signifying the neutral investor outlook on social media platforms for the past weeks. Moreover, the relative strength index curve (RSI) noted a negative crossover and headed toward the midline, signifying the retracement move. Additionally, the price has slipped below the 50% Fib support zone and may retest its 38.2% zone near the $0.2500 mark.

Market Cap and Supply Overview

Per the Santiment data, the percent of stablecoin total supply held by the whales continued to increase and reached the mark of 57.029. In contrast, the total supply of the crypto is 999.98 million, and the volume-to-market cap ratio is 0.301. This week, the token’s market cap noted a decline and dropped to $279.28 Million.

Summary

The Myro token (MYRO) price noted a sudden selloff and has breached the round support mark of $0.3000, implying a selloff. Sellers are interested in pushing the token toward its 200-day EMA support zone and are putting in the effort, which was noted on the charts.

Technical Levels

Support Levels: $0.2800 and $0.2600

Resistance Levels: $0.3100 and $0.3300

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.