Pyth Network Price Forecast: PYTH bulls eye 10% bounce at key support
|- Pyth Network price trades just above the key support level of $0.380.
- A bounce here could trigger a 10% move to the immediate resistance level of $0.426.
- A decisive flip of this hurdle into a support floor could send PYTH up by 22% to $0.520.
- A four-hour candlestick close that flips $0.356 into a resistance level will invalidate the bullish thesis.
Pyth Network (PYTH) price has been trending lower since December 7, but the recent retest of a key support level opens up the path for a potential bounce.
Also read: Bitcoin Weekly Forecast: BTC cool-off prepares markets for crypto’s final two weeks of 2023
Pyth Network price at critical levels
Pyth Network price set a local top at $0.522 on December 7 and has since shed nearly 30% and formed a local bottom at $0.371. Although PYTH dipped below the $0.380 support level, its recovery now faces a tough decision.
A quick surge in buying pressure will do two things: a breakout above the declining trend line connecting swing highs since December 8 and create a shift in market structure favoring bulls. While this would be promising for bulls, only a 10% upswing is likely in the short term since PYTH will face a key hurdle at $0.426.
A decisive four-hour candlestick close above $0.426 that flips it into a support level will allow Pyth Network price to rally another 22% and tag the $0.520 barrier. In total, this move would constitute a 35% gain from the current price level of $0.385.
While it is unsure if Pyth Network price can overcome this level considering the current market conditions. But if it does, it would allow PYTH to overcome the current all-time high at $0.557 and set up a new one.
Also Read: EOS price presents a good long term buying opportunity
PYTH/USDT 4-hour chart
While the bullish outlook for Pyth Network price makes sense, it is contingent on buyers defending the $0.380 support level. A breakdown of this barrier followed by a four-hour candlestick close that flips $0.356 into a resistance level will invalidate the bullish thesis.
In such a case, Pyth Network price could drop 18% and revisit the $0.290 support level.
Also read: ImmutableX price could crash 10% as sell signals multiply
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.