

Pyth Network Token (PYTH) Market Analysis: Downtrend Reversal in Sight as Price Breaks Above Dynamic Trendline
In terms of market behavior, the Pyth Network token has experienced significant fluctuations. Despite a 6.91% increase in market cap over the past
The value of the derivatives traded volume for the Pyth Network (PYTH) token experienced a decline of 23% to reach $83.14 Million in the last 24 hours from press time. However, the Open interest advanced by 5.4%.
This decrease in derivatives trading volume is notable, as it indicates a drop in the overall demand for PYTH in the derivatives market. A lower demand can lead to a decrease in the token's price momentum and a shift in market sentiment.
Moreover, the liquidation chart indicates a decrease in token liquidation activity. Additionally, there has been a notable increase in short liquidations over the past few days, which suggested a shift towards bullish dominance in the market.
PYTH Technical Analysis
The daily chart of PYTH reveals a pronounced downtrend, which has driven the token’s price to new lows, followed by a series of lower low swings. This consistent decline reflects the market’s bearish sentiment towards PYTH over an extended period.
However, at press time, a notable development had occurred. PYTH managed to break above the dynamic trendline that it had adhered to for a significant duration. This breach of the trendline marks a potential shift in market dynamics, suggesting a possible reversal of the ongoing downtrend.
Despite this upward movement, strong resistance is encountered at higher levels. If PYTH’s price successfully breaks above this resistance and sustains its position, it could signal the onset of a long-term bullish trend. Such a development would be a significant indicator of changing market sentiment and could lead to sustained positive momentum for PYTH in the future.
PYTH/USD Chart by TradingView
The daily chart of PYTH reveals that the Exponential Moving Averages (EMAs) are currently exhibiting a death cross pattern. Following this, the price faced rejection at the 50-day EMA as of press time. A potential bullish scenario could emerge if the price manages to break above the 200-day EMA, forming a golden cross.
In terms of momentum indicators, the MACD displayed neutral to bearish behavior. Its metrics traded in a death cross pattern and also bearish histograms were formed on the chart.
The RSI further declined to the oversold zone and lost below the 14-day SMA which showed a decline in price momentum. The support levels for PYTH were $0.250 and $0.280, followed by the resistances of $0.710 and $1.150.
The above is the detailed content of Pyth Network Token (PYTH) Market Analysis: Downtrend Reversal in Sight as Price Breaks Above Dynamic Trendline. For more information, please follow other related articles on the PHP Chinese website!

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