Home
News
- 1 The technical indicators suggest that the price is currently supported by the 20 and 50-day EMAs, with the RSI around 50.64 and the MACD above zero line.
- 2 MYRO chart exhibits low volatility amid growth in the past few sessions.
The Myro coin chart exhibits the contrast between the volatility with the price movement. On examination, it shows that the MYRO crypto has witnessed wonderful growth in the last few sessions. But recent chart price shows that it failed to jump supply and faced short-term decline and with that volatility has declined considerably.
Moreover, the MYRO asset displays that, Despite strong sellers, the buyers are improving their ground, and the buyers may assist its price to advance further.
Looking at the chart, it is also observed that both asset volume and price were declining from 14th March 2024 and declined up to March 24th, 2024. That meant a lack of interest and activity in the market for the MYRO coin. Volumes declined from around 215 million to 35 million and price dropped from almost $0.43 to $0.21.
However, in the last week of March, volume and price showed a resurgence as it started increasing gradually from the support, indicating increased demand and excitement about MYRO coin price. The trading volume exceeded $75 Million and the price also advanced from $0.21 to $0.28.
Is MYRO Price, Eager To Retest Supply Zone Again?
As per the price structure of MYRO on the daily chart, the long term trend is positive as from the start of the year 2024, it has been 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 the MYRO coin, 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, MYRO might hit the lower support. The next support after breaking $0.20 will be $0.15.
Summary
Despite a period of decline in mid-March 2024, the MYRO asset has rebounded, indicating renewed market interest. The price trend is generally upward, with MYRO coin making higher highs and lows since the beginning of 2024.
Moreover, the technical indicators suggest that the price is currently supported by the 20 and 50-day EMA, with the RSI around 50.64 and the MACD above zero. If the MYRO coin maintains the support level of $0.20, it could potentially retest the $0.44 level, with an intermediate resistance at $0.32. Conversely, if the price falls below $0.20, it may seek lower support at $0.15. The outcome of this consolidation will determine the next direction for MYRO’s price momentum.
Technical Levels
Support Levels: $0.20
Resistance Levels: $0.32
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
