The SPYRO Price Re-Enters A Consolidation Channel
The SPYRO price dropped back into the consolidation channel between $0.000003319 and $0.000006428 over the past 3 hours. Should sellers continue to exert pressure on the meme coin, it may retest the lower boundary of this sideways range in the coming couple of hours. The crypto may even lose the support of the $0.000003319 price point and drop to the subsequent mark at $0.0000016 through the course of the next 24 hours.
This bearish thesis could be invalidated if the SPYRO price manages to close an hourly candle above $0.000006428 in the next 12 hours. In this alternative scenario, the crypto may look to challenge the next major resistance level at $0.000009374 in the following 24 hours.
Technical Indicators
- MACD and RSI indicators suggest bullish trends
- The MACD line is starting to rise towards the MACD Signal line
- The RSI line is positively sloped towards overbought territory
- Before the SPYRO price can start to climb, it will need to overcome the 9 and 20 Exponential Moving Average (EMA) lines on the hourly chart
SPYRO Price May Begin To Climb As Technicals Show Early Bullish Signs
Technical indicators on SPYROโs 1-hour chart suggest the meme coin may escape its negative trend soon.
The MACD line is starting to rise towards the MACD Signal line. If these two lines intersect in the next 12 hours, it will trigger a significant bullish technical flag that may indicate the SPYRO price has entered a positive trend. Buyers also seem to be gaining strength as the RSI line is positively sloped towards overbought territory.
While the SPYRO price tries to fend off sellers, its Solana competitor Smog went ballistic with a 68% gain over the past 24 hours as investors scramble to get involved in the mother of all airdrops.
The Airdrop Investors Will Not Want To Miss
Smog is the latest meme coin sensation to launch within the resurgent Solana ecosystem, and looks to replicate the post-launch success of predecessors like Myro, Honk and Bonk.
Although no specific details regarding the airdrop event have been disclosed, Smogโs tokenomics show that a whopping 35% of the tokenโs supply has been set aside for airdrop events. This could, indeed, make the projectโs first airdrop event one of the biggest the crypto market has ever seen as the team looks to make a splash.
All The Makings Of The Next Meme Coin Explosion
The strategic decision to launch within the thriving Solana ecosystem has given Smog access to a vibrant and enthusiastic community. This, in conjunction with the flourishing meme coin sector, could lead to Smogโs price skyrocketing in the near future.
Adding to the altcoinโs potential to explode is its dragon-themed branding, which could appeal to the active Asian crypto market as the Chinese New Year of the Dragon kicks off. Thereโs also speculation emerging that Smog is lining up new listings that may come as early as next week on exchanges that may include BuyBit, Gate.io, and KuCoin. All of these factors combined are providing a strong tailwind for Smog, which you can buy here.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.