PYTH Price Surges 90%, Eyes $0.80 With Channel Breakout!

Published by

Sohrab Khawas

November 28, 2024

With fresh bullish momentum, the PYTH network is back among top performers. Following the overnight surge of 10%, the PYTH price is ready for channel breakout.

Will this breakout rally result in a 70% surge? Let’s find out in this Coinpedia’s PYTH Price Analysis.

Wedge Breakout Rally For PYTH

In the daily chart, the PYTH price action showcases a rising channel pattern. As the bullish reversal rally in PYTH price action gains momentum, the higher high and high low formation has resulted in two parallel trendlines.

Currently, the recovery rally is challenging the overhead-based trend line in attempts of a bullish breakout rally. The recovery rally started from the $0.25 support level and has now reached $0.475. This accounts for a price jump of 90.29% over the last 90 days.

Technical Indicators:

The increased bullish inflows have resulted in a golden crossover between the 50-day and 200-day EMA lines. Furthermore, the 100- and 200-day EMA lines are inching closer for a bullish crossover.

Amid last night’s surge of 10.71%, creating a bullish engulfing candle, the MACD and signal lines have given a positive crossover. Hence, the technical indicators maintain a bullish viewpoint for the PYTH network.

Will the PYTH Price reach $1?

As the PYTH price has surpassed the 638.20% Fibonacci level, the bullish engulfing candle is now challenging the overhead boundary line. Despite the intraday doji candle, the broad market recovery teases an uptrend continuation to surpass the supply zone.

Beyond this, the immediate resistance stands too close to the $0.52 or 50% Fibonacci levels. This remains a high supply area, extending from $0.51 to $0.54.

Beyond this, the Fibonacci levels paint a smooth ride to the $0.80. Hence, the PYTH price action analysis reveals an upside potential of 70%. On the flip side, the crucial support remains at $0.43 and $0.35.

Will PYTH Price Cross $0.50?

Based on the Fibonacci level, the recovery rally is heading towards the 23.60% Fibonacci level at $0.4489. Furthermore, this level acts as the neckline area of the rounding bottom reversal.

Optimistically, the Fibonacci retracement paints a target at 38.20% and 50% levels at $0.5745 and $0.6759, respectively. However, a drop below the 50-day EMA at $0.3181 will nullify the chances of a rounding bottom reversal and potentially retest the $0.2460.

Will the PYTH price cross the $1 mark in the next bull run? Find answers to such questions now in our PYTH price prediction.

FAQs

1. What is the current price of PYTH, and how much has it gained?

PYTH is trading at $0.475, marking a 90.29% surge over the past 90 days.

2. Can PYTH surpass the $0.52 resistance level?

With bullish momentum and a rising channel breakout in progress, PYTH is likely to breach $0.52 and head toward $0.80.

3. What are the key support levels for PYTH if the rally fails?

The crucial support levels for PYTH are at $0.43 and $0.35, aligned with previous consolidation zones.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.