Pyth Network has smashed up 30% to a new all-time high, after a hard-fought consolidation that has been going on here.
Price action has witnessed significant rises after a successful Pyth airdrop, and the new all-time high has been fueled by outstanding ecosystem development, particularly in swaps volumes, which now surpass $500 million weekly. This growth has been the driving force behind the new all-time high.
Pyth Network is now trading at a market price of $0.65, which is a change of -4.5 percent over the course of twenty-four hours. This is despite the fact that the price is in a very tiny localized retracement after the new all-time high.
Price action, on the other hand, is still trading high in the Pyth trading channel, and it is continuing to push against the ATH resistance around $0.69. This is despite the fact that there was a little dip downward.
After a week of upward movements, which were sparked by a strong five-day consolidation around $0.475 (above the 20-day moving average), this comes as a result.
As Pyth Network continues to show amazing growth after a successful airdrop, the question arises as to whether or not it is too late to acquire the cryptocurrency or not. Take a look at this.
Despite the fact that the most recent rally has seen the price of PYTH diverge +35% above the 20DMA (albeit it is now sitting at $0.485), the 20DMA has served as a baseline for a significant portion of the push that PYTH has seen in the weeks following January 13.
The divergence of such a considerable margin above a major moving average gives rise to some reason for worry, as it may be an indication that PYTH is ripe for a retracement move below.
The Relative Strength Index (RSI) is very hot at 82.13, which indicates that there is an immediate need to retrace down to price levels that are more sustainable. This perspective is verified by a look at the RSI.
The MACD, on the other hand, continues to emphasize bullish momentum at 0.0154, which presents a small discrepancy with this perspective.
A coin that is on the tail end of a large pump to the top of the trading channel is shown by the PYTH price analysis. However, the coin is also overdue for a localized pullback, which makes it a dangerous choice for an entry position.
As Pyth Network continues to show amazing growth after a successful airdrop, the question arises as to whether or not it is too late to acquire the cryptocurrency or not. Take a look at this.
PYTH now has an upside objective that is located above the upper trendline, which is around $0.70 (a possible increase of 1.86%).
However, there is a possibility that PYTH may fall to a lower support level at $0.55, which would represent a possible loss of 19.97%.
The price analysis of PYTH shows that the risk-to-reward ratio on the short time frame is 0.09, which indicates that the entry was a poor one that was characterized by the risk of a downward retracement.
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