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The Pyth Network price is down 6% in the last 24 hours to trade for $0.32946 at 6:50 am EST.
The price action of Pyth Network displays a wavelike motion, coming on the back of a pump-and-dump trading strategy following the November 20 airdrop.
š PUBLIC AIRDROP $PYTH š
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ā Amer La Regia (@Amerglopez) November 22, 2023
Investors achieved strong profits around the airdrop, with some taking long and short positions against the Pyth Network price.
made more than 40x on that. congrats who made dozens of dollars in it
monke on its business as always, also taking profits is mandatory in freshly launched alpha’s like that
as you can see a rug came afterwards but you guys are taken your profits rigth? šµšµš https://t.co/ljWzIjkPy9 pic.twitter.com/L6hKtmB6Wh
ā LeftCurve Ape (@LeftCurveApe) November 21, 2023
The volatility in Pyth Network profit may not be over yet, with swing traders looking to ride the wavelike motion until December 5.
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Pyth Network Price Prognosis Amid PYTH Airdrop Hype
The Pyth Network price action displays a wavelike motion attributed to volatility following the recent airdrop. With this, the price has formed a symmetric triangle that remains to be filled.
For the layperson, a symmetric triangle pattern forms when the price action of an asset consolidates within two opposing trendlines, one falling and one rising, that appear to converge. Lower highs and higher lows define it as the price of the asset oscillators towards a common convergence. Notably, in such a technical formation, the upper trendline acts as a resistance level while the lower trendline provides support.
Based on the outlook, a 10% slump could be in the cards for Pyth Network price after a rejection from the triangleās upper trendline at $0.35302.
In the dire case, the lower trendline of the triangle could fail to hold as a support, with the Pyth Network price likely to fall out and test the $0.28026 support level.
The Relative Strength Index (RSI) corroborates this outlook with a pending sell signal. This will be activated once the RSI crosses below the signal line (yellow band). Traders heeding this call could extend the slump for PYTH, with the ensuing selling pressure likely to send Pyth Network price lower than the aforementioned support level at $0.28026.
In addition, the Awesome Oscillator has also registered a red histogram bar. This is evidence of the bears gaining ground in the PYTH market. If the $0.28026 support fails to hold, the next logical target will be the $0.20000 psychological level. Such a move would constitute a 40% drop below current levels.
Converse Case
On the other hand, increased buying pressure above current levels could see Pyth Network price shatter past the upper trendline to tag the $0.38193 resistance level.
In a highly bullish case, Pyth Network price could extend a neck higher to test the $0.40000 psychological level, or in highly ambitious cases, extend a notch higher to tag the $0.50000 psychological level. This would denote a 55% climb above current levels.
The RSI position at 50 points to strong price strength, with its distance below 70 showing more room north. Similarly, the AO remains positive, showing that the bulls maintain a strong presence in the PYTH market. This adds credence to the bullish postulation.
When a price action consolidates within a symmetric triangle, investors are advised to wait for a breakout to confirm the next trend.
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