The Pyth Network price dropped 5% over the past 24 hours to trade at $0.397 bitcoin as of 8:50 am EST.
The Pyth Network Price At Risk Of Further Downside
4-hour chart for PYTH/USDT (Source: TradingView)
The Pyth Network price may drop below the immediate support level at $0.3820 in the next 24 hours as a bearish rising wedge pattern has emerged on the altcoin’s 4-hour chart.
Should this pattern be validated, PYTH may be at risk of falling below $0.3820 and dropping to the subsequent support level at $0.3140 in the following few hours. Continued selling pressure could then lead to the Pyth Network price plummeting to as low as $0.2580 in the short term.
This bearish thesis could be invalidated if PYTH is able to close a 4-hour candle above the upper boundary of the rising wedge chart pattern, which is positioned slightly above the major resistance level at $0.4385.
A sustained close above this level could then give the Pyth Network price the foundation needed to overcome the $0.5180 barrier as well in the following couple of days.
Technicals Show Sellers May Pull Down The Pyth Network Price
Technical indicators on PYTH’s 4-hour chart suggest that sellers are stronger than buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish. The MACD line is also currently breaking away below the MACD Signal line, which may indicate that PYTH’s negative trend will continue in the next 48 hours.
In addition to this, the RSI line is positioned below its Simple Moving Average (SMA) line – signaling that bears are stronger than bulls. However, the tides may turn in favor of buyers soon, as the RSI is sloped positively towards overbought territory.
This could be an early sign of momentum shifting in favor of bulls, as well as a potential bullish reversal of the Pyth Network’s bearish cycle.
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