Pyth Network (PYTH) cryptocurrency shows signs of a potential trend reversal, capturing the attention of observers. The coin has gained 14.59% over the past week, sparking speculation about a potential breakout and significant price rise.
Falling Wedge Pattern Indicates Bullish Potential
In a recent tweet, analyst The Crypto Titan stated that PYTH has already bottomed out and is poised for an upward move. According to the expert, the asset is currently undervalued, and a breakout from the falling wedge could drive the price to $1.00. PYTH's price action has been in a falling wedge, a setup characterized by lower highs and lows. A recent bounce off the lower trendline is evidence of strong demand, with the next key resistance level at $0.40.
Technical Indicators Support Bullish Outlook
The Stochastic RSI reading of 9.22 and 3.80 indicates that PYTH is in an oversold zone, suggesting that an upward move could be imminent. The Directional Movement Index (DMI) shows a potential crossover of the +DI (14.49) above -DI (14.23), indicating possible strengthening of buyers. The ADX level at 22.82 suggests a slowing trend, but a breakout could increase momentum.
Key Levels and Target Price
Traders are watching the area around $0.30-$0.35 as a potential breakout zone. If PYTH moves above this level, the price could reach around $0.50-$1.00 in the near future. As of writing, the price is $0.2431, with a market capitalization of $74,758,403 over the last 24 hours, marking a 2.65% gain over the day.
Pyth Network coin has the potential for significant growth if key resistance levels are surpassed. Technical indicators suggest a possible bullish trend, making the asset attractive to investors.
