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The Pyth Network price pumped more than 3% over the past 24 hours to trade at $0.605 at press time.
Pyth Network Price Outlook
4-hour chart for PYTH/USDT (Source: TradingView)
Over the recent trading sessions, the Pyth Network price experienced a rollercoaster on the 4-hour chart, starting from $0.5736 and peaking at $0.6233 before making a slight retreat to $0.6049. This movement indicates a volatile yet upward trend in the short term, suggesting a growing interest among participants in the market.
A closer examination of the technical indicators provides a deeper insight into the potential future movements of the Pyth Network price. The 9-day Exponential Moving Average (EMA) has seen a gradual increase from $0.5905 to $0.6010, closely trailing the 20-day EMA which moved from $0.6001 to $0.6026. This convergence of the EMAs suggests a bullish sentiment in the market, albeit with caution due to the narrow margin between the two averages.
The Moving Average Convergence Divergence (MACD) values further elucidate the market’s sentiment. Initially, the MACD values were negative, indicating bearish momentum. However, a shift towards positive territory, albeit slight, is observed in the latest session with a MACD value of $0.000143. This transition signifies a potential change in momentum towards bullish behavior, although the presence of a negative histogram in all sessions signals that caution is still warranted.
The Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, has shown a progression from a bearish zone of 38.89 to a more neutral stance, peaking at 58.52 before settling at 51.41. This indicates that while the market had been oversold, it has since recovered to a more balanced state, though not yet reaching overbought territory.
PYTH May Not Have the Bullish Backing Needed
Volume analysis complements the picture, with trading volumes showing a decrease over the period. This decrease in volume alongside price increases could suggest a lack of strong conviction behind the price movements, urging traders to proceed with caution.
Looking ahead, the key levels to watch are the resistance at $0.6719 and support levels at $0.5422, $0.4839, and $0.4767. A sustained move above $0.6233 could see the Pyth Network price testing the resistance level, whereas a break below $0.6049 might lead to a retest of the support levels, particularly if the bearish momentum resumes.
In conclusion, while the recent price action and technical indicators for PYTH suggest a cautiously optimistic outlook, traders and investors are advised to keep an eye on the aforementioned key levels. The narrow margin between the EMAs, the slightly positive MACD, and the RSI’s neutral position all point towards a market at a crossroads, awaiting further signals for a definitive direction.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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