Myro Breakout to New ATH, Following WIF's Trajectory
MYRO has always trailed about a month behind WIF's trajectory and price. My earlier analysis from MYRO's second breakout on February 27th was almost spot on, and then my second analysis from March 3rd on the .30 target was also accurate, if not underestimating the rate at which it climbed well past the target.
Now this is amending my latest analysis which pointed to MYRO reaching $1.30 by the end of March, which while I do think it's highly likely to reach this target, the timeframe and trajectory needs to be adjusted considering BTC's latest dip and consolidation.
On the Macro MYRO is still looking good and if we compare to WIF's historical data we see that it had three big breaks over .4 and then retraced to .20 the first time, .17 the second time and .28 the third. This is normal for a meme coin and is part of the process of shaking out those that bought in extremely early, paper hands etc. So in general 50%-60% retracement from ATH is the max and a fantastic buying point.
It seems that yesterday after the FOMC meeting and Powell speaking, that reassured markets across that interest rates would remain the same and cuts would commence in the near future. That led to a hard bounce from BTC and MYRO and all crypto followed, which if BTC continues to climb back to $72k we will see the right conditions for MYRO to climb back to its ATH and then facilitate a breakout as long as BTC holds and doesn't do one more dip pre-halving.
This trajectory is mirroring that of WIF's before its breakout and what I expect to happen on a probably slightly slower timeframe. In my opinion once MYRO breaks .36 this will confirm the trend is starting and from there we will see a slight correction to .29 making a new higher low and then a bounce to a new ATH nearing .50, but retracing back near that last low which should be around .29. Once that new higher low support is confirmed this should start the breakout trend and we will see a very fast climb, and this will probably line up with the halving, or a bit after. It could also happen sooner, you just don't know when these meme coins are gonna make a big move.
Of course I could be wrong, but this is what I did with MYRO from .03, and then again after it retraced from .26 to .05. As always scale in your trades, take profits at targets, ATHs and only put in what you're willing to risk losing.
Good luck and let's see where this goes!
Now this is amending my latest analysis which pointed to MYRO reaching $1.30 by the end of March, which while I do think it's highly likely to reach this target, the timeframe and trajectory needs to be adjusted considering BTC's latest dip and consolidation.
On the Macro MYRO is still looking good and if we compare to WIF's historical data we see that it had three big breaks over .4 and then retraced to .20 the first time, .17 the second time and .28 the third. This is normal for a meme coin and is part of the process of shaking out those that bought in extremely early, paper hands etc. So in general 50%-60% retracement from ATH is the max and a fantastic buying point.
It seems that yesterday after the FOMC meeting and Powell speaking, that reassured markets across that interest rates would remain the same and cuts would commence in the near future. That led to a hard bounce from BTC and MYRO and all crypto followed, which if BTC continues to climb back to $72k we will see the right conditions for MYRO to climb back to its ATH and then facilitate a breakout as long as BTC holds and doesn't do one more dip pre-halving.
This trajectory is mirroring that of WIF's before its breakout and what I expect to happen on a probably slightly slower timeframe. In my opinion once MYRO breaks .36 this will confirm the trend is starting and from there we will see a slight correction to .29 making a new higher low and then a bounce to a new ATH nearing .50, but retracing back near that last low which should be around .29. Once that new higher low support is confirmed this should start the breakout trend and we will see a very fast climb, and this will probably line up with the halving, or a bit after. It could also happen sooner, you just don't know when these meme coins are gonna make a big move.
Of course I could be wrong, but this is what I did with MYRO from .03, and then again after it retraced from .26 to .05. As always scale in your trades, take profits at targets, ATHs and only put in what you're willing to risk losing.
Good luck and let's see where this goes!
Comment:
Again a dip across the board following BTC, this chop will likely continue until the halving - I look at these as great buying opportunities, especially for Myro around .25, possibly .20 again if BTC also tests it's higher low around 62k.
Strategy stays the same, sit on hands, relax and stick with spot, avoid leverage trades with this chop cause by now it should be clear these dips can rip right back up and wreck ya, or vice versa. If you've entered at a higher point and aren't over leveraged then I'd say hang on and be patient, we saw from Sunday that when BTC climbs, Myro runs. Though I entered at .03 and .05, so it's much easier to say from my point - remember to always have stop losses in place and also don't put in whatever you're not ok losing.
End of the day patience is key on this, but it will keep paying off. Once we're clear of the pre-halving angst and Myro reaches a new ATH then I think we will see the above pattern play out similar to how it did with WIF on its first run above $1.
Strategy stays the same, sit on hands, relax and stick with spot, avoid leverage trades with this chop cause by now it should be clear these dips can rip right back up and wreck ya, or vice versa. If you've entered at a higher point and aren't over leveraged then I'd say hang on and be patient, we saw from Sunday that when BTC climbs, Myro runs. Though I entered at .03 and .05, so it's much easier to say from my point - remember to always have stop losses in place and also don't put in whatever you're not ok losing.
End of the day patience is key on this, but it will keep paying off. Once we're clear of the pre-halving angst and Myro reaches a new ATH then I think we will see the above pattern play out similar to how it did with WIF on its first run above $1.
Comment:
Haven't been posting much cause the market has been pretty boring and choppy. But the thesis still remains the same on Myro and still looking very strong on macro trend, this is why for meme coins spot trades are best and much less stressful because you can wait out these long consolidation periods. Now is a great Myro is in a great supply zone, looking to buy more if this second wave brings us down to .12 before moving to a large wave 3, which should end up around .80 or higher.
We've finally cleared the bitcoin pre-halving jitters/fears of a massive correction, but then all markets were hit by geopolitics with fear of a possible wider war between Israel and Iran, which those fears seem to have subsided now and markets should be bouncing back. Also you have another U.S. regional bank failing which means there will be more quantitive easing measures i.e. money printing, which is very bullish for crypto.
I see btc continuing to range and chop and alts take the stage to have big moves in the coming weeks, which Myro will follow Bonk and Wif as liquidity will flow down to Myro, and then if Myro does have a powerful wave 3, the thesis that it will follow a similar violent move up like WIF did definitely seems like a possibility if the timing is right and that surge catches more new buyers. Overall there are still big spot listings to come for Myro - coinbase, Binance and Robinhood would bring in retail folks, and that's where parabolic moves can happen. I would say we're still months away from that, likely around September if we look at previous cycles.
For now I'm continuing to hold, will buy more if it dips to .12, otherwise I'm not looking at charts much and just waiting until the next big wave to start taking healthy profits.
Good luck!
We've finally cleared the bitcoin pre-halving jitters/fears of a massive correction, but then all markets were hit by geopolitics with fear of a possible wider war between Israel and Iran, which those fears seem to have subsided now and markets should be bouncing back. Also you have another U.S. regional bank failing which means there will be more quantitive easing measures i.e. money printing, which is very bullish for crypto.
I see btc continuing to range and chop and alts take the stage to have big moves in the coming weeks, which Myro will follow Bonk and Wif as liquidity will flow down to Myro, and then if Myro does have a powerful wave 3, the thesis that it will follow a similar violent move up like WIF did definitely seems like a possibility if the timing is right and that surge catches more new buyers. Overall there are still big spot listings to come for Myro - coinbase, Binance and Robinhood would bring in retail folks, and that's where parabolic moves can happen. I would say we're still months away from that, likely around September if we look at previous cycles.
For now I'm continuing to hold, will buy more if it dips to .12, otherwise I'm not looking at charts much and just waiting until the next big wave to start taking healthy profits.
Good luck!
For now continuing with the same strategy of sitting back and relaxing, waiting out this chop until the halving, or perhaps a bit sooner. Overall looking solid!