Ever since its launch, the Pyth Network token has been receiving mainstream attention, regardless of the price action. The token commenced its trade with a blast, which was followed by a massive decline similar to the other air-dropped tokens like Uniswap (UNI) or Arbitrum (ARB). However, the price continues to hold tight above the support, pointing towards a revival of a bullish trend.
After being rejected from the highs during the launch, the PYTH price rebounded and managed to form the interim highs at $0.55. However, this rally was also short-lived, as a notable drop followed, slashing the prices to $0.37. Despite a drop in volume, the Chainlink competitor has triggered a healthy rebound from the lows, indicating a massive exhaustion in the selling pressure that may pave the way for a healthy upswing in the coming days.
The short-term Pyth Netwrok price analysis indicates the token is gaining some strength as the price is trying hard to validate a rebound from the lower support. The hourly chart displays the formation of a descending parallel channel. The price hits the middle bands of the channel and rebounds, piercing through the interim resistance at $0.39.
The RSI and MACD are both bullish and hence the price is speculated to close the day’s trade on a bullish note, breaking above the channel and achieving daily highs above $0.415. If the price fails to sustain the above gains, then a drop to immediate support at around $0.37 to $0.365 may be imminent.
Pivotal Levels (Short Term-1Hr)
Resistance: $0.409
Support: $0.365
10-Day EMA: $0.40667
10-Day SMA: $0.4387
Sentiment: Bearish
Fear & Greed Index: 74 (Greed)
Today’s Prediction: $0.37 to $0.401
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