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Technical Analysis

Pyth Network (PYTH) Gets a Bounce

Azeez Mustapha
Updated 2 min read
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Although the Pyth Network token has seen some moderate price recovery over the previous session, downward forces can already be seen pushing back. The token stands as the second-best performing coin as of the time of writing but registers only a modest price growth of 1.54%.

PYTH Statistics

Current Price: $0.0464

Market Capitalization: $271.39M

Circulating Supply: 5.74B

Total Supply: 9.99B

CoinMarketCap Rank: 118

Key Levels

Resistance: $0.04000, $0.04500, $0.05000

Support: $0.03500, $0.03000, $0.02500

Pyth Network (PYTH) Gets a Bounce

Pyth Network Is Trying to Stay Optimistic

The PYTH/USDT market on the daily chart has seen some nice upside recovery in the recent past. However, it seems downward pressure was triggered as soon as price action hit the 9-day Exponential Moving Average (EMA) line.

Real-Time Markets Beyond the Closing Bell

After-hours trading continues without pause. Even once the closing bell rings, 46 U.S. equity price feeds stay active on Pyth, delivering real-time market data through the night.

Pyth Network Is Trying to Stay Optimistic (Continued)

On the contrary, the Stochastic Relative Strength Index (SRSI) indicator is still rising northward despite the downward retracement seen in the ongoing session. As such, traders might want to wait until a rise past the 9-day EMA line is seen before a stronger bullish stance may be taken.

PYTH Short-Term Outlook Seems Fair

On the Pyth Network 4-hour chart, it can be seen that price action lies above the 9-day EMA curve. However, the ongoing session here also remains bearish and shows some consistency with the daily chart. The SRSI indicator lines have already moved sideways at the 100 mark of the indicator.

PYTH Network: FOMO or Wait?!

The Pyth Network still holds a small market capitalization. Also, it is a multichain blockchain network. This strategically positions it as one of the coins that is capable of going 10x.

PYTH Short-Term Outlook Seems Fair (Continued)

The terminal part of the indicator is tilting slightly downward but has made only little progress. Traders can hope for an upward rebound off the 9-day EMA. However, should the market fall below the 9-day EMA line, stronger downward movement may be seen toward the $0.0400 price level.

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