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The Pyth Network price jumped more than 5% over the past 24 hours to trade at $0.4867 at press time.
The Pyth Network Price Climbs Back Into Bullish Range
4-hour chart for PYTH/USDT (Source: TradingView)
The Pyth Network price dropped below the lower boundary of a medium-term positive price channel in the last 24 hours. However, buyers quickly jumped in to minimize the damage, and are currently attempting to elevate it back within the bullish range. Should PYTH close a 4-hour candle in the range within the next 12 hours, it could soon attempt a challenge at the $0.5180 resistance level.
A break above this major threshold could then give the Pyth Network price the foundation needed to rise to the subsequent resistance level at $0.5985 through the course of the following few days.
This bullish thesis may be invalidated if PYTH closes 2 consecutive 4-hour candles below the bullish price channel within the next 24 hours. In this alternative scenario, the crypto could be at risk of dropping to the immediate support level at $0.4385 in the short term. Continued sell pressure at this point may then lead to the Pyth Network price dropping to as low as $0.3820.
Bulls Could Boost PYTH Above Resistance
Technical indicators on PYTH’s 4-hour chart are flagging bullish, which suggests the Pyth Network price may rise in the next 48 hours. The Moving Average Convergence Divergence (MACD) line is closing in on the MACD Signal line. These two lines crossing in the next 24 hours may signal that PYTH has entered into a bullish cycle.
In addition to this, the Relative Strength Index (RSI) line is positioned above its Simple Moving Average (SMA) line. Traders may see this as a sign that buyers are currently stronger than sellers. As a result, bulls may drive the Pyth Network price higher in the upcoming days.
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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