- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.