- PYTH price has lost the key moving averages, indicating the sellers’ grip.
- It has dropped by 20% in the past 4 days.
Pyth Network (PYTH) price has lost 67% since April, showing the sellers’ dominance. PYTH price has been in a bearish trend for a wider time frame, concerning buyers.
It has spent a quarter below a crucial level of $0.400. The price has recently faced resistance from the 200-day EMA and experienced bearish momentum.
The bearish trend has halted near the $0.250 level. After testing this level multiple times, the PYTH crypto has gained mild bullish momentum. However, it was struggling to exceed the 200-day EMA at press time.
The price has been struggling in a parallel channel at the bottom. Let’s see what happens after the breakout or breakdown.
Is Accumulation Phase Over in Pyth Network?
In a 3-D time frame, the Pyth Network token price has been consolidating in a narrow range. It was wandering at the breakout territory. A successful breakout could push the PYTH price over the $1 mark.
$PYTH is looking primed for a breakout. Accumulation phase is wrapping up, so don’t be surprised if we see $PYTH trading above $1 in the next few weeks. pic.twitter.com/QoUWciEXsi
— Cool Dog (@Cool1Dog) October 31, 2024
Once the price sustains over the $1 mark, strong buying pressure can be seen. It has the potential to recover past losses in a single buying momentum.
Can the PYTH Price Reclaim $1 Mark After Breakout?
Pyth crypto was trading at $0.328 at press time and has remained neutral over the past 24 hours. Its market capitalization was $1.19 billion, and the 24-hour trading volume was $63.88 million.
Since September, the price has climbed more than 30% and tested the upper resistance level of $0.400. It has shown weakness near this resistance zone, which attracts sellers.
If the price sustains below the 20-day EMA, sellers may dominate. Rejection from the resistance zone shows a bearish forecast. The PYTH price might melt to the major support level of $0.250. Once it loses this support level, sellers may eye for the new all-time low.
On the other hand, if the crypto asset price rebounds and surpasses the 20-day EMA, it could generate a buying signal. If the price triggers a strong breakout from the channel, investors may show interest. Suppose the volume increases and investors enter; the price may extend to the $1 mark.
Turning to the technical indicators, the RSI has displayed a bearish crossover with the RSI-based moving average. The RSI has lost its last swing low, but the ****price hasn’t yet. That shows the PYTH sellers’ dominance. MACD had triggered a death crossover with the Signal line and the histograms have flipped to red.
Pyth Price Prediction
PYTH price is experiencing significant bearish pressure, evidenced by a recent 20% decline and an overall drop of 67% since April.
When writing, it was struggling to maintain levels above critical moving averages, particularly the 200-day EMA. It was also testing key support around $0.250. Further declines could lead to new lows if the price fails to hold this support.
Conversely, a rebound above the 20-day EMA and a successful breakout from the parallel channel could signal a shift in momentum. That could allow the price to rally toward the $1 mark.
Technical indicators such as the RSI and MACD suggest seller dominance, indicating that investors should remain cautious and watch for clear breakout or breakdown signals shortly.
Disclaimer
This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their own research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.
