Absolute Bearish Domination on PYTH Crypto; Will Buyers Engage?

• An increase of 17.57% has been observed in the PYTH crypto price during the intraday trading session.
• Oscillators reflect a bullish signal, while the moving averages suggest bearishness in the current phase.
• The trading volume has increased massively by over 500% in the last 24 hours.

Pyth Network (PYTH) is the largest oracle network and comprises some of the world’s largest exchanges, market makers, and financial services providers. It delivers real-time market data to financial decentralized applications (DApps) across 40+ blockchains. 

Conversely, the PYTH crypto price gained much appreciation from investors and traders during the 2024 first quarter. However, the unexpected happened for some traders in April 2024. The price entered a correction phase, which is also impacting May 2024.

Initial Attempts of Bulls in the Current Trading Sessions

During the intraday trading session, the PYTH crypto price has experienced a massive rise of 17.57%. This reflects that the buyers are approaching crypto at the current level. Earlier, the crypto price faced heavy selling from the $1.10 level, which resulted in a shift toward the bearish sentiments.

The bulls failed to maintain congestion on the $0.58 level. While performing with bearish sentiments, the price has reached the $0.35 major demand zone. The bulls are showing their strong presence in that demand zone, which could be a potential sign of a reversal.

Price Volatility & Social Dominance Analysis

The social buzz about the PYTH crypto has a very least amount of positive impact on the price growth. The social dominance of crypto has been in constant decline since February 2024. 

However, the price, on the other hand, took a longer time to decline. This reflects that crypto does not have much of a need to be buzzed on social media platforms every time. Currently, the social sentiments are rising at 0.35%.

Technical Analysis of the Pyth Network (PYTH/USD)

The current crypto price is moving below the key exponential moving average, indicating bearish sentiments in technical terms. The 50-day can act as a dynamic resistance for the current price.

PYTH price broke below the $0.58 bullish point of interest (POI) and fell to the $0.35 major demand zone. The buyers are currently approaching the crypto price at the current level. They surged the price over 17% during the intraday trading session. It reflects a potential sign of a bullish reversal in terms of price action analysis.

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Furthermore, the relative strength index (RSI) shows an internal bullish divergence in the price momentum. It indicates the buyers are increasing their grip over price in the current sessions. The RSI is moving at 41.38.

Summary

Since April 1, 2024, the PYTH crypto has been experiencing bearish remarks from traders and investors. The crypto has recorded over 65% bearish rally since then. As per the technical analysis, the price has reached the major demand zone, which can lead to a potential bullish reversal.

Technical Levels

The immediate resistance for PTH was $0.70 at the time of writing, and the $0.22 level was the next support. If the price breaks above the upper resistance, an upsurge in price can expected. Likewise, a drop below the mentioned support can lead the price to fall further.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.