PYR Price is in Consolidation Phase: Who is Going to Take Over?

• Vulcan Forged price has dropped by 60% in the past 2 months.
• A death crossover has been generated between the key moving averages.

The PYR price has been on a solid bearish trend since the second week of March. The digital asset price has slipped below the key moving average, demonstrating the selling pressure.

After intense selling pressure, the Vulcan Forged price has undergone a consolidation phase for more than a month. The PYR crypto price has been struggling to surpass the $5 mark, but sellers are strong enough. 

Volume Has Dropped by 85%; What’s Next?

The trading volume has dropped by 85% in the past 4 days, affecting the price negatively. Since March, the trading volume and the PYR price have kept declining. If the trading volume increases, the price may soon surpass the $5 hurdle.

PYR Price Struggling Below 200-day EMA; Will Buyers Bounce Back?

At press time, the Vulcan Forged price traded at $4.51 with a neutral momentum in the past 24 hours. The market capitalization is $127.28 Million, and the 24-hour trading volume is $8.93 Million.

The PYR price has witnessed strong selling pressure for the past few months and has stuck in a range below the key moving averages. A breakout from the 200-day exponential moving average with a rise in trading volume may lead to bullish momentum. 

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If the digital asset price starts trading over the $5.50 level, buyers may be eyeing the $8 hurdle in the next few weeks. At this point, a rise in trading volume and social dominance may attract buyers to lift the price to the $10 mark.

On the other hand, the PYR price is bearish and has been defending the $4 level for the past few weeks. A breakdown of this level can attract the sellers, and the price may react negatively. Suppose the chart structure attracts the sellers; the PYR price may record a new all-time low in the next few months.

Based on the technical indicators, the PYR crypto price trades below the key moving averages, indicating a bearish momentum.

PYR Price Prediction Over 4-H Timeframe

In a 4-H time frame, the Vulcan Forged price has struggled in a parallel channel for over a month. Breakout from this channel may lead to a bullish momentum. The rise in trading volume during the breakout may lead to a bullish trend reversal.

Alternatively, if the digital asset price triggers a breakdown from the parallel channel, selling pressure for the next few days may lead to a bearish momentum.

Conclusion

Based on the analysis, the Vulcan Forged (PYR) price has been facing significant challenges, with a strong bearish trend, dropping trading volume, and a struggle to surpass key resistance levels. The potential for a bullish reversal exists if there is a breakout from the current channel with increased trading volume. However, a breakdown from the channel could lead to further bearish momentum. 

Technical Levels

PYR crypto price is expected to face resistance from the $5.40 and 9.00 levels in the upcoming sessions. The price may take support on the $4.00 and $2.75 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.