The Pyth Network price surged more than 11% over the past 24 hours to trade at $0.6652 at press time.
Pyth Network Price Breaks Above Major Resistance
Daily chart for PYTH/USDT (Source: TradingView)
The Pyth Network price broke above the major resistance level at $0.5985 over the past 24 hours. Should it close today’s daily candle above this threshold, the altcoin may continue rising in the short term as it trades within an ascending price channel as well. This bullish thesis could be invalidated if PYTH fails to close today’s daily candle above $0.5985.
Today, the Pyth Data Association releases the publication of the Pyth Network Whitepaper 2.0. The new whitepaper presents the oracle network's new cross-chain model for price delivery, as well as the expected scope and responsibilities of the protocol's on-chain governance. The… pic.twitter.com/s6EVYGiBer — Pyth Network 🔮 (@PythNetwork) September 28, 2023
In this alternative scenario, the Pyth Network price could retest the next key support level at $0.5180, which will also result in it dropping out of the medium-term bullish price channel. Continued sell pressure at this point could put the crypto at risk of falling to within the consolidation zone between $0.3820 and $0.4385.
Technical indicators suggest that the Pyth Network price may continue to gradually rise in the next couple of days. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are both flagging bullish.
PYTH’s bullish cycle shows no signs of slowing down as well, as evident by the MACD line breaking away above the MACD Signal line. Meanwhile, the RSI is also rising above its Simple Moving Average (SMA) line, which signals that buyers have the upper hand against sellers and are still growing stronger.
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