Pyth Network (PYTH) Draws Bearish Attention

The Pyth Network token has garnered notable traction since the start of today’s trading session. This was sufficient to bring the market to the second position on today’s top crypto movers list. The token still trades above key levels, and a closer look at the market may be worth the effort.

PYTH Market Statistics

Current Price: $0.2194

Market Capitalization: $1.26B

Circulating Supply: 5.74B

Total Supply: 10B

CoinMarketCap Rank: 66

Key Price Levels

Resistance: $0.2500, $0.2750, $0.3000

Support: $0.2000, $0.1750, $0.1500

Pyth Network Bears Land Only a Scratch Yet

The PYTH token has registered a strong upward rebound. This has pushed it to trade above a multi-month support level. And even though the ongoing session brings a bit of downward correction, this market continues to trade above key limits.

The last red price candle corresponds to the ongoing session and stands above the uppermost band of the Bollinger Bands (BB) indicator. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines retain an upward bearing as the lead line pokes through the 70 mark. Technically, this implies that buyers still hold more influence in this market.

PYTH Upside Recovery Seems to Be Kicking in Already

Studying the Pyth Network market on a 4-hour price chart, it is evident that the market has rebounded upward in the ongoing session. The last price candle on this chart appears solid green as it stands just above the $0.2000 price level. It also keeps the token trading near the $0.2200 threshold.

Unlike on the daily chart, price activity here has pulled back below the uppermost band of the BB indicator. However, the ongoing session remains bullish and keeps price action hugging the uppermost band of the BB indicator. Meanwhile, the SRSI indicator lines have dipped below the 70 level. Should the psychological support at $0.2000 hold, traders can anticipate gains toward the $0.2500 mark.

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