- The PYTH price has slipped below the 20-day EMA, showcasing the bearish forecast.
- Since mid-March, the PYTH Network price has declined by 76%, and sellers have shown dominance.
Based on the technical chart, the Pyth Network (PYTH) price has displayed strong selling pressure for the past few months. It has declined in lower lows and lower highs format and has slipped below the key moving averages.
According to the chart structure, the PYTH crypto price has reached the bottom. The bearish trend has halted near the $0.250 mark. The buyers have defended the significant support level twice, and again, the price has approached this mark.
Can PYTH Price Shoot Up After Retracement?
MartyParty (@martypartymusic) has tweeted that the PYTH price is at the bottom. It might be a perfect time for the new PYTH investors to enter.
$PYTH TA: On the daily this is an excellent entry for new $PYTH investors on the @Sony news. Targets on the retrace are clear.
— MartyParty (@martypartymusic) September 2, 2024
Buy low sell high. pic.twitter.com/NbpwybqpPZ
Buyers have shown interest at the bottom as per the technical indicators. Strong buying momentum can be expected if it generates retracement and may record a new all-time high.
PYTH Price Has Formed a Descending Triangle Pattern
The PYTH coin was treated at $0.264 at press time and dropped by 1.69% in the last 24 hours. The 24-hour trading volume was $22.46 Million, dropping by 17%.
According to the chart, the PYTH price has declined due to resistance from a declining trendline. It has formed a descending triangle on a daily time frame and is trading at the crucial breakout level.
Buyers can be tempted if the digital asset price triggers a breakout from the triangle. They could wait for the retest before shooting up. After the retest, buyers may show their involvement and may gain momentum.
If the buyers overcome the 200-day EMA, investors can be attracted and may perform positively in the long term. The involvement of the investors may lift the price to the psychological level of $1.
If the PYTH coin price starts trading below the support level of $0.250, it may be a selling signal. Suppose the price is below this level; most investors might prefer to book profit. Profit booking on a higher scale may result in a strong bearish trend.
Technical Indicators Analysis
The RSI has generated a bullish divergence, which would be a bullish sign and may boost the momentum. The Bollinger Band suggests that the token’s price has traded at the lower Bollinger band.
Furthermore, the price may look for the upper Bollinger band. Most of the technical indicators are favoring the bullish forecast.
Pyth Network Price Analysis
The analysis indicates that the PYTH crypto price has reached a crucial point, with signs of a potential rebound. Technical indicators suggest a bullish forecast, with potential for a retracement and a new all-time high in the long term.
However, it’s important to monitor key support and resistance levels, particularly the $0.250 mark, for potential shifts in market sentiment.
The involvement of investors will be a key factor to watch for when determining the future price movement of PYTH crypto. Also, the descending triangle pattern breakout outcome will be crucial in shaping the token’s next price direction.
Technical Levels of the Pyth Network
The PYTH price is expected to face resistance from the $0.330 and $0.400 levels. It may take support at $0.250 and an imaginary support level of $0.200.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
