Solana-based MYRO is an outlier, soars almost 70% despite meme coins crashing

Cryptocurrency markets continue to bleed after Bitcoin (BTC) shattered its $68,999.99 peak to record a new all-time high of $69,324. However, with this peak, a renowned trader and analyst, @HsakaTrades calls out the whales for pushing price down. Specifically, the analysts says that these large holders have placed spoofy sell orders on exchanges to make noobs and risk managers sell. In his opinion, the large holders are looking to "buy back lower.”

Also Read: Bitcoin price hits new ATH as spot BTC ETFs soar past $50 billion

Myro price sustains gains as meme coins dump

Myro (MYRO) price remains up almost 70% despite meme coins posting double-digit losses.  For MYRO, the optimism comes as investors accumulate the meme coin ahead of a Binance Exchange listing for the USDT-M perpetual contract.  A report by Binance revealed plans to list MYRO against the Tether (USDT) stablecoin for its perpetual contract with 50X leverage.

Recording a peak of $0.38500, Myro price remains among tokens in the meme coin sector that remain bullish as its peers, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) post double-digit losses. Others that remain bullish include PepeFork (PORK), which is the fork of frog-themed PEPE and Toshi, powered by the TOSHI token.

Investors can also anticipate more volatility around Dogwifhat (WIF) price as the token is due to go live on Binance after Robinhood listing. Notably, the buy the rumor sell the news situation is likely at play here for both MYRO and WIF. 

Also Read: Robinhood to list Dogwifhat as WIF tags $1: Is Coinbase next?

Myro price outlook as meme coins shed

Myro price remains well above the January 19 supply zone, which extends from $0.1901 to $0.2347. If MYRO manages a close above this order block on the daily timeframe, it could catalyze a continuation of the intermediate trend.

For now, the market leans in favor of the bulls, with momentum rising as seen with the Relative Strength Index (RSI). The Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) both favor the upside, seen as they both show large volumes of green histogram bars in positive territory.

Enhanced buying pressure could see Myro price reclaim above the $0.3000 psychological level. In a highly bullish case, the gains could extend to the peak of the intra-day high of $0.3850. Clearing this local top would open the expanse for extended gains, with MYRO likely to reach the $0.4000 psychological level. This would denote a climb of about 46% above current levels.

MYRO/USDT 1-day chart

On the other hand, if profit booking sends the Myro price to close below the centerline at $0.2136, it would effectively mean the supply zone is holding as a resistance. This could see Myro price retest the foot of the Japanese candlestick at $0.1523. 

(This story was corrected on March 7 at 12:01 GMT to say, in the headline and second paragraph, that Myro price increased almost 70% on the day, not 50%.)