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10 months ago
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The post PYTH Price Reversal Eyes 35% Upside With This Breakout Rally appeared first on Coinpedia Fintech News
With a market-wide recovery, the PYTH price trend remains strong over the past few weeks. Overcoming the recent noise in the market, the PYTH network has sustained an uptrend for the past 23 days, accounting for a 97% hike.
Further, the bullish turnaround teases a new breakout rally to scale new heights and create a new all-time high. But how high will the PYTH network go? To find answers to such questions, check out our PYTH price prediction now.
Source – Tradingview
With a bullish turnaround from the $0.24 mark, the PYTH price trend concludes the initial correction phase. Changing the dynamics overnight, the uptrend gains momentum and surpasses multiple overhead Fibonacci resistances easily.
With the higher high price trend formation, the 97% jump in the last three weeks is heading to dominate the $0.50 psychological mark. Further, the improving market conditions and the rising volume support the uptrend and increase the bull run possibility.
According to the price action, the rounding bottom reversal in the daily chart has a neckline at the psychological mark of $0.50. Hence, a bullish break in PYTH price could result in a high momentum upside rally.
Technical indicators:
MACD: The rising trend in the MACD and signal lines support the rising momentum in the PYTH price trend. Hence, the momentum indicator supports the breakout possibility.
Will the PYTH Price Cross $50?
Amidst the recent market recovery, PYTH Network is emerging as a top-performing altcoin. The breakout of the rounding bottom pattern could further support this bullish trend. Consequently, sustenance above the $0.50 barrier will turn on the bullish frenzy in the PYTH price trend.
Continuing the recovery trend, the altcoin price crossing the $0.50 mark can push the uptrend to the $0.65 mark. Conversely, if prices reverse from $0.50, the network market price might drop to $0.44.
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