Pyth Network (PYTH)
Bullish signal ❗❗
With a trend reversal rally, the PYTH token shows a bullish turnaround from a crucial support of $5.
The reversal run shows a triangle breakout run and a local support trendline at play.
Further, the uptrend prolongs the daily RSI heading back from the halfway line. The recovery rally in PYTH is heading towards the 200-day EMA as it sprouts from the 50D EMA.
Based on the Fibonacci levels, an uptrend continuation above the 23.60% Fibonacci level at $0.4489 could target $0.50 or $0.67.
As of early October 2024, PYTH/USDT is showing some interesting technical signals. Currently, it is trading around $0.32, and the overall trend appears to be in a downward wedge formation, which typically suggests a potential bullish reversal if the support holds.
The recent price movement has been bouncing around key support levels, and analysts are suggesting accumulation strategies, with a possible upward target near $0.4350 if the wedge resolves bullishly
Pyth Network has garnered significant attention for its role in providing high-frequency, real-time financial data, a critical function in both decentralized and traditional finance.
This utility strengthens its market presence, making the PYTH token potentially more attractive as its ecosystem continues to grow
