Wedge Breakout Rally For PYTH

In the daily chart, the PYTH price action reflects the possibility of a rounding bottom reversal as the altcoin bounces back from the $0.2460 support zone. Surpassing the 50-day AMA in the recent bull cycle, the PYTH Token has increased by almost 18% in the past 5 days.

With a massive bullish engulfing candle, accounting for a 7.7% jump yesterday, the meme coin peaked at $0.3541, registering the 7-day high. However, the bullish exhaustion leads to an intraday pullback of 2.33%, creating a bearish piercing candle.

Currently, the altcoin is consolidating between the 50-day and 200-day EMA with a double-bottom reversal from the 50-day EMA. A bullish comeback in PYTH price will likely surge bullish influence, leading to a golden crossover. Furthermore, the daily RSI line maintains a healthy trend above the 50% line.

Will PYTH Price Hit $0.50?

Based on the Fibonacci level, the recovery rally is heading towards the 23.60% Fibonacci level at $0.4489. Furthermore, this level acts as the neckline area of the rounding bottom reversal.

Optimistically, the Fibonacci retracement paints a target at 38.20% and 50% levels at $0.5745 and $0.6759, respectively. However, a drop below the 50-day EMA at $0.3181 will nullify the chances of a rounding bottom reversal and potentially retest the $0.2460. $PYTH