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The SPYRO price plummeted more than 32% over the past 24 hours to trade at $0.000005202 as of 2:00 am EST as investors dump their holdings in the meme coin.
The SPYRO Price Re-Enters A Consolidation Channel
Daily chart for SPYRO/USD (Source: TradingView)
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.
SPYRO Price May Begin To Climb As Technicals Show Early Bullish Signs
Technical indicators on SPYRO’s 1-hour chart suggest the meme coin may escape its negative trend soon. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the hourly chart are flagging bullish.
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. Given the RSI is around 43, the upside potential for SPYRO is greater than the meme coin’s downside potential. Traders may react to this and identify the crypto’s current levels as a potential buy opportunity.
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. Both of these technical indicators are currently acting as technical obstacles for the meme coin’s price.
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.
To ensure the meme coin’s success, the SMOG team has placed an emphasis on community benefits with a carefully designed distribution plan. At the heart of this plan is the token’s upcoming airdrop, which is says will be the ”Greatest in History.”
Although no specific details regarding the airdrop event have been disclosed, Smog’s tokenomics show that a whopping 35% of the token’s supply has been set aside for airdrop events. This could, indeed, make the project’s 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 #SMOG #Dragons have decided! 🔥🐉$SMOG is taking @bonk_inu for a date tomorrow! 💑
Tune in to see how it goes! 🎉😉 https://t.co/tYUHxVnnh6
— SMOG (@SMOGToken) February 13, 2024
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 Smog’s price skyrocketing in the near future.
Adding to the altcoin’s 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.
There’s 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.
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