PYTH Trades in a Bullish Channel, How High Can It Go?

PYTHUSDT continues to trade within a bullish price channel that it managed to recover to back within after surpassing the $0.4385 resistance level. Should this positive momentum continue, the crypto could attempt to flip the resistance level at $0.5180 into support as well. A daily candle close above this barrier could then give the altcoin the foundation needed to rise to $0.5985 in the following few days.

This bullish thesis could be invalidated if the Pyth Network price breaks below the lower boundary of the bullish price channel within the next 48 hours. In this alternative scenario, PYTH may retest the aforementioned $0.4385 mark. Continued sell pressure may drag the altcoin down to $0.3820. Losing the support of this level could then expose the Pyth Network price to the risk of falling to $0.3140 in the short term.

Technical indicators on PYTH’s daily chart suggest the Pyth Network price could continue climbing in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish.

The MACD line is breaking away above the MACD Signal line, which could be taken as a sign that PYTH’s bullish trend is growing stronger. This technical flag is supported by the RSI line, which is breaking away above the Simple Moving Average (SMA) line. Traders may see this as a signal that bulls are growing stronger against bears, and may boost the Pyth Network price in the upcoming days.