How to hold meme coins such as MYROIn mid-2023, meme coins represented by PEPE and FLOKI pumped during the correction of BTC due to the inflow of funds. Now that the BTC ETF has been approved, BTC is also showing signs of a correction, and the popularity of meme coins is rising.
As we mentioned in recap last week, although SOL is in the process of correction, many meme coins in solana ecosystem, such as MYRO, WIF, dominate the market. Compared with PEPE and FLOKI, new meme coins have more wealth effects.
But for memes, the price fluctuations are usually violent, and it is difficult to hold tokens just through faith based on the tokenomics. A large correction in a short period of time may cause you to become a paper hand. So today we use our indicators to look at how to better trade meme coins. The token this time is MYRO, a meme coin that is very popular in the Solana ecosystem.
From the chart, we can see that the TSB indicator prompts a BUY signal on January 1, 2024. Then it started its bullish trend. As mentioned above, this puppy was very volatile, with many significant pullbacks throughout the rise, which we have marked with the red price range. Under normal circumstances, some traders will close the position to take profit as shown by the red arrows after the price breaks through a certain level downwards. Even these positions have experienced at least a 20% retracement from the high. Taking profits at that point seems reasonable. But as we see now, they became paper hand.
But in the TSB indicator area, you can see that although the price has made a large correction, it has always remained above the wavy area. In a bullish trend, the price moves back to the line in the wavy area and bulls strengthen. If those traders used the TSB indicator when trading, their long positions would still be there. They can save time and energy to use elsewhere. In addition to helping to hold, when the columns fall to the key line in the wavy area, it can also be used by some aggressive traders to increase long positions to capture additional profits.
To sum up, MYRO continues to maintain a bullish trend. Proper use of indicators can make you easier and richer. We will also bring more indicators and application scenarios in the future.
Introduction to indicators: Trend Sentinel Barrier (TSB) is a trend indicator, using AI algorithm to calculate the cumulative trading volume of bulls and bears, identify trend direction and opportunities, and calculate short-term average cost in combination with changes of turnover ratio in multi-period trends, so as to grasp the profit from the trend more effectively without being cheated.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
