With a 126% jump in the last 45 days, the PYTH price trend displays a recovery rally going strong in the daily chart. Being a frequent member of the top gainer’s list, the PYTH network is aiming for trend continuation amidst the market recovery phase.
Amidst the recovery trend, the PYTH price is projecting a high likelihood of reaching the $1 mark. Will the trend continue above the $1 mark with a breakout? Find answers to such questions in our PYTH price prediction now.
Source – Tradingview
As mentioned in our previous article, the PYTH price tests the 1.618 Fibonacci level at the $0.65 mark. Meanwhile, the rising trend forms two parallel boundary lines, resulting in a rising channel pattern, gatekeeping the uptrend.
With the increased supply at $0.65, the altcoin takes a dip within the channel to test the bottom support trendline. Leading to multiple candles with lower price rejection, the PYTH price action projects a high likelihood of a bullish turnaround.
Currently, the PYTH price trades at $0.56 and shows a minimal intraday move following the late-night recovery. Further, the buyers plan a morning star pattern at the baseline to increase the reversal chances and momentum.
Technical indicators:
DMI: The dip in the ADX line aligns with the pullback phase and brings the VI lines closer to a crossover. However, the morning star-led reversal chances may soon revert the lines of the DMI indicator to a bullish position.
Will the PYTH Price Cross $1?
Amidst the recent market recovery, PYTH Network is emerging as one of the top-performing altcoins. With the rounding bottom breakout leading and bringing a rising channel pattern, the underlying bullishness is on the rise.
Currently, the reversal chances in the channel is significant that may soon chalelgne the $0.65 for a breakout. As per the Fibonacci levels, the breakout rally will face opposition at the $0.90 mark, aligning with the 2.618 Fib level.
Conversely, if prices drop below the support line, the market price could dip to $0.44.
