Myro Price Prediction: MYRO Plunges 21% As Potential Pepe Successor Sponge Goes Parabolic

On Jan 8, 2024

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Myro price dropped 21% during the Sunday trading session, with an attempted pullback putting its value at $0.06166 as of 6:20 a.m. EST time.

Despite the attempted recovery rally, Myro price is down 2% on the day, with trading volume dwindling 19%.

The slump comes as the hype around the Solana-based meme coins continues to dwindle, with Bonk Inu (BONK) dropping almost to parity with Myro price.

MYRO Price Outlook: Technical Analysis

When measured from a market range stretching between $0.01095 and $0.09400, Myro price is sitting on the support provided by the 50% Fibonacci level at $0.05218. With this support holding, the recovery rally remains plausible, with the Relative Strength Index (RSI) moving north to show rising momentum.

The Average Directional Index (ADX) indicator, which quantifies trend strength, is also rising showing that the uptrend may be gaining strength. The position of the Awesome Oscillator (AO) above the positive territory is also encouraging, showing that the bulls continue to maintain a presence in the MYRO market.

Increased buying pressure above current levels could see Myro price overcome the most critical Fibonacci level of 61.8% at $0.06201. Further north, the gains could see the meme coin’s market value hit the 78.6% Fibonacci level at $0.07601, or in a highly bullish case, fill the market range by tagging the $0.09400 range high. Such a move would constitute a 55% climb above current levels.

TradingView: MYRO/USDT 12-hour chart

Converse Case

On the flip side, judging from the red histogram bar on the Awesome Oscillator (AO), it appears the bears are also putting up a strong fight.

If the sellers have their way, Myro price could drop, losing the support offered by the 50% Fibonacci at $0.05218. A break and close below this level would invalidate the prevailing bullish thesis.

An extended fall could see the Solana-based meme coin could tag the 38.2% Fibonacci at $0.04235 or in the dire case, extend a leg lower to the 23.6% Fibonacci at $0.03019. This would denote a 50% drop below current levels.

Promising Alternative To Myro

Meanwhile, another meme coin is making headlines as Myro price works out the next directional bias. Sponge V2, a stake-to-bridge token, is the latest meme coin sensation that has analysts anticipating the next Pepe coin.

Sponge V2 takes the stage after its predecessor, Sponge V1, recorded massive success in 2023. Now, experts are very optimistic about the meme coin, anticipating better performance than the previous version.

The forerunner for the Sponge V2 project, Sponge V1, thrived in 2023, recording 100X growth. Coming as an upgrade, Sponge V2 is available again, giving investors who missed the 2023 rally a second chance.

Simply buy Sponge V1 and stake it, with each Sponge V1 token going for only $0.000915. Buy and Stake V1 tokens to earn sponge V2 tokens now, as the tokens are only available through Stake-To-Bridge.

📣 We’re excited to announce that #Sponge is bridging from V1 to V2!
Stake your $SPONGE to earn #SpongeV2 tokens. 🧽💦
Buy and stake now for a special V2 token bonus! Don’t miss out 🔥#MemeCoin #Web3 #BullMarket pic.twitter.com/bYmkg1TNrU
— $SPONGE (@spongeoneth) December 18, 2023

Sponge token stakers get an Annual Percentage Yield (APY) rate of 377% currently, which explains the buying pressure catalyzing the price appreciation. It attracts new capital coming into Sponge as investors chase the new utility features of SPONGE V2.

Tron (TRX) founder and Huobi Global advisor Justin Sun, has demonstrated support for the Sponge project.

Justin Sun holds this #memecoin :O I won’t even say anymore… this could destroy #SNEK and #PEPE..! Who remembers #SPONGE?!! 🫢🔥$SPONGE V2 is making loud movements in the market, even #Trons very own Justin Sun is holding $50k worth of SPONGE! 😮 💎💎
DYOR -… pic.twitter.com/ULzSDJdYnS
— Jacob Crypto Bury (@BuryCrypto) January 4, 2024

Data according to on-chain detective Lookonchain recently revealed that a wallet address (0x176f3dab24a159341c0509bb36b833e7fdd0a132) with the ‘Justin Sun 4’ tag was spotted on Etherscan holding 108 million SPONGE V1 valued at $43,246 at the time. With the current price, Sun’s holdings are now valued at around $93,000.

Visit and buy Sponge V2 here.