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The Pyth Network price is up 21% in the last 24 hours to trade for $0.4146 as of 10:40 a.m. EST time, with trading volume rising over 50%.
This is part of a recovery rally that spanned between November and the first week of January, with PYTH bulls trying to recover the lost ground. Meanwhile, amid the restored hype for the token, its staking function continues with stakers gaining participation in the Pyth Network governance.
🔮 $PYTH 🔮
really hope you guys are staking your $PYTH
i have a very strong feeling about this one
not much has been announced, but the hype is starting, and the #PYTH Network is very well-connected (you see that $PYTH icon everywhere)
STAKE. YOUR. PYTH. @PythNetwork 🔮 pic.twitter.com/e9abfdcpnl
— Curb◎ (@CryptoCurb) January 21, 2024
The technical indicators support the bullish outlook for the Pyth Network price, with the Relative Strength Index (RSI) showing rising momentum. This is after executing a buy signal when it crossed above the signal line (yellow band) during the Friday, January 19 session.
The histogram bars of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) are also flashing green in positive territory to show the bulls lead the market. In addition, the MACD continues to move above the signal line (orange band) following the bullish crossover on Friday.
Increased buyer momentum could see the Pyth Network price extend the gains and overcome the $0.4305 resistance level. A strong move above this level could send the market value of PYTH token to $0.4991 or in highly bullish cases, reclaim the $0.5577 resistance level, last tested on November 24.
TradingView: PYTH/USDT 8-hour chart
Converse Case
On the flip side, if PYTH holders book early profits, the Pyth Network price could correct. The breakout above the upper band of the Bollinger indicator at $0.4008 is the first sign that a correction may be due. It shows that PYTH is already overbought, much like the RSI reading of 72 shows.
Enhanced seller momentum could see the Pyth Network price lose the support offered by the centerline of the Bollinger indicator at $0.3511. Lower, the altcoin’s price could test the lower band at $0.3014. A break and close below this level would invalidate the bullish thesis.
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Also Read:
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- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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