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Now, let’s dive into this chart analysis:
The PYTH/USDT pair is currently indicating a bearish trend within a descending triangle pattern. A breakout above the descending trendline could signal a bullish reversal with targets at the identified resistance levels. A potential move above the 50 MA and rising RSI for confirmation of a bullish trend.
On the other hand, a break below the lower support could indicate further downside risk.
Moving Averages: The 50 MA is a crucial resistance level for PYTH. A breakout above this moving average could signal a bullish shift.
Relative Strength Index: The RSI is gradually gaining momentum indicating a potential bullish shift.
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#PYTHUSDT Price Update.
PYTH has reached the accumulation range between $0.25 and $0.31, entering a crucial juncture. From this point, PYTH is likely to rebound after a few days of sideways consolidation.
The primary resistance is at $0.335, with an invalidation point being a breakdown and close below $0.22.
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