A breakout above a long-term descending trendline in MYRIA signals that a bullish market has begun.
In the past 24 hours, the token has done better than both BTC (+9.7%) and ETH (+7.8%), indicating that it is stronger.
If Bitcoin stays above $0.001355 for a while, it will confirm the breakout and set up a new support point.
The price of Myria (MYRIA) has recently shown notable upward movement, surpassing a long-standing descending trendline and entering a higher trading zone. This action comes after weeks of price compressing in a downtrend channel that began in late 2023.
The latest break was preceded by a prominent increase in volume and momentum, as MYRIA registered a 7.9% price increase over the past 24 hours, pushing the token value to $0.001223. This means the possibility of reversal in the market setup after weeks of being in a bearish direction.
Breakout Confirmed As Price Surpasses Resistance Level
Technical indicators point to a confirmed breakout above a significant resistance level. The breakout occurred just above the $0.001091 support zone, which had previously acted as a consolidation base. Once breached, MYRIA managed to gain upward traction and moved past the next resistance at $0.001355.
Source: (X)
The breakout from the descending channel marks the end of the bearish structure that has limited MYRIA’s performance since late 2023. Price action within this pattern has been largely characterized by lower highs and lower lows. However, recent gains have reversed that structure, pushing the token into a new short-term bullish trend. The current move has so far yielded a 20% gain from the recent support level.
MYRIA Outperforms BTC and ETH, Breaks Key Resistance
MYRIA is now ranked #897 by market capitalization, with its trading volume led primarily by gains against major tokens such as Bitcoin and Ethereum. Against BTC, MYRIA rose by 9.7%, while the ETH pair saw a 7.8% increase. These pair movements indicate that the token is currently outperforming major assets on a relative basis.
With the price range moving between $0.001091 and $0.001355 in the last 24 hours, the breakout has positioned MYRIA above key levels, but its sustainability remains to be observed. Traders have been watching for continued strength above the resistance zone, which may serve as a new support if the price consolidates.
As the price moves higher, technical traders are likely to monitor the area near $0.001355 closely for further confirmation of support holding. While the market has shown signs of renewed interest, further price action will depend on maintaining volume and momentum above the former resistance zone.
