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

Myro price fell 21% during Sunday’s trading session, with the withdrawal attempt leaving it worth $0.06166 as of 6:20 a.m. ET.

Despite an attempted recovery rally, Miro prices fell 2% on the day, with volume down 19%.

The slump comes as the hype around the Solana-based meme coin continues to wane, with the price of Bonk Inu (BONK) dropping to almost parity with the price of Maze.

MYRO Price Outlook: Technical Analysis

Measured over the market range between $0.01095 and $0.09400, Myro price is sitting on the support provided at the 50% Fibonacci level of $0.05218. With this support held, a recovery rally is still warranted, with the Relative Strength Index (RSI) showing upward momentum and moving north.

The Average Directional Index (ADX) indicator, which quantifies trend strength, is also trending upward, showing that the uptrend is gaining strength. The position of the Awesome Oscillator (AO) above the positive territory is also encouraging, showing that the bulls continue to hold ground in the MYRO market.

An increase in buying pressure above current levels could push Miro price to overcome the most important 61.8% Fibonacci level at $0.06201. Further north, the market cap of the meme coin could hit the 78.6% Fibonacci level at $0.07601 or, if very bullish, it could fill the market range by tagging the $0.09400 range high. Such a move would represent a 55% increase from current levels.

converse case

On the other hand, looking at the red histogram bars of the Awesome Oscillator (AO), it appears that the bears are putting up a strong fight.

If sellers get their way, Myro price could fall and lose the $0.05218 support provided by the 50% Fibonacci. A close below this level would invalidate the prevailing bullish theory.

A prolonged decline could see the Solana-based meme coin tagged at $0.04235, 38.2% Fibonacci, and in a worst-case scenario, it could fall all the way to $0.03019, 23.6% Fibonacci. This represents a 50% decline from current levels.

A promising alternative to Myro

Meanwhile, another meme coin is making headlines as Myro price resolves its next directional bias. Sponge V2, a stake-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 and expect it to perform better than its predecessor.

Sponge V1, the predecessor to the Sponge V2 project, thrived, registering 100x growth in 2023. Released as an upgrade, Sponge V2 has been relaunched, giving investors who missed the 2023 rally a second chance.

If you purchase and stake Sponge V1, each Sponge V1 token will cost just $0.000915. Tokens are only available through Stake-To-Bridge, so you can get Sponge V2 tokens by purchasing and staking V1 tokens now.

📣 We are excited to announce this. #sponge Connects from V1 to V2!

your $sponge Earn #SpongeV2 token. 🧽︎

Buy and stake now to receive special V2 token bonuses! Don’t miss it 🔥#memecoin #web3 #bull market pic.twitter.com/bYmkg1TNrU

— $SPONGE (@spongeoneth) December 18, 2023

Sponge Token stakers currently earn a 377% Annual Percentage Yield (APY). This explains the buying pressure that drives prices higher. New capital will flow into Sponge as investors pursue new utility features in SPONGE V2.

Justin Sun, founder of Tron (TRX) and Huobi Global Advisor, demonstrated his support for the Sponge project.

Justin Sun is holding this. #memecoin :OI I won’t say any more… This can be destroyed #snake and #pepe..! person who remembers #sponge?! 🫢🔥$sponge V2 is also making big moves in the market. #thunder My very own Justin Sun has $50,000 worth of SPONGE! 😮 💎💎

Dior -… pic.twitter.com/ULzSDJdYnS

— Jacob Crypto Bury (@BuryCrypto) January 4, 2024

According to on-chain detective Lookonchain, a wallet address with the tag ‘Justin Sun 4’ (0x176f3dab24a159341c0509bb36b833e7fdd0a132) was recently discovered holding 108 million SPONGE V1 worth $43,246 at the time on Etherscan. At current prices, Sun’s holdings are currently worth about $93,000.

Visit and purchase Sponge V2 here.

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