PYTHUSDTPYTHUSDT is trading in falling wedge pattern. The price was reacting well the support and resistance of wedge.
Currently the price has given the massive breakout from falling wedge and after successful retest of the level will be bullish signal and seems like the price may go for another leg higher.
If the breakout sustain to upside the optimum target could be 0.700
What you guys think of this idea?
PYTHUSDT trade ideas
Pyth Network (PYT) Technical Analysis: Navigating the Waves on tIntroduction
Pyth Network (PYT), a project aimed at providing high-fidelity financial data, shows an intriguing chart pattern and technical indicators that provide a mix of bullish and bearish signals. This analysis will dive deep into the current trends and potential future price movements of PYT/USDT based on the daily chart from TradingView.
Technical Indicators and Patterns
EMA Lines (20, 50, 100, 200): PYT's price is currently below all major Exponential Moving Averages (EMAs), signaling a bearish trend. The EMAs also provide resistance levels on potential upward movements.
Elliott Wave Pattern: The chart suggests that PYT may have completed a typical Elliott Wave correction pattern, which could imply the start of a new upward movement if supported by volume and market sentiment.
Fibonacci Retracement Levels: The Fibonacci retracement tool, applied from the peak to the trough of the recent major move, indicates several key levels to watch. The 0.382 level at approximately $0.8063 could act as the next major resistance, followed by the 0.618 level at $0.5879 which currently acts as a support.
Volume Profile (Visible Range): The Volume Profile shows significant trading activity around the $0.50 mark, which might act as a strong psychological and technical support level going forward.
RSI and SQZMOM Indicators:
RSI (Relative Strength Index): The RSI is currently at 64.28, which is below the overbought threshold, suggesting there might be some room for upward price action before the asset becomes overbought.
SQZMOM (Squeeze Momentum Indicator): This indicator shows an increase in momentum, depicted by the green bars, which could be indicative of a building bullish momentum.
Market Structure
The market structure shows PYT in a possible reversal setup after a prolonged downtrend. The key will be whether the price can sustain a breakout above the nearest Fibonacci resistance level at $0.8063.
Price Prediction and Trading Strategy
Short-Term Target: Traders might consider taking profits at around $0.5762 if the price appreciates from the current levels, as it is a significant short-term Fibonacci level.
Long-Term Target: For longer-term holders, reaching and sustaining above the $0.8063 level could open up the path towards $1.2729, aligning with the upper Fibonacci extension levels.
Conclusion
The technical setup for PYT/USDT provides a cautiously optimistic outlook, with several indicators suggesting a potential reversal or at least a significant bounce. Traders should monitor volume and price action around key Fibonacci levels for confirmation of trend direction.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a professional before making any investment decisions.
PYTH/USDT Gaining Momentum For a Bullish Rally | Get Ready 💎#PYTHUSDT has impressively surged out of a descending channel and is now testing a crucial juncture where former resistance has become support. The Point of Control (POC) of the VRVP Channel provides crucial support, enhancing the chances of a bullish continuation.
💎If #PythNetwork can successfully hold this retested support at $0.400, we anticipate a powerful rally propelled by the strong momentum at this level.
💎However, if SEED_DONKEYDAN_MARKET_CAP:PYTH loses its footing and descends into the channel, dipping below the current support, it could signify a shift back to a bearish trend. The next key demand zone is at $0.355, a level renowned for its liquidity and historical bullish rebounds.
💎Should #PYTH revisit this demand zone, it's vital for the price to secure a strong rebound to uphold support. Failure to achieve this could boost bearish forces, worsen market sentiment, and potentially result in further price declines.
💎Keep your strategies adaptive and remain alert, Paradisers. Your ParadiseTeam is vigilantly monitoring the market and ready to guide you through the dynamic shifts of the #PythNetwork market.
MyCryptoParadise
iFeel the success
#PYTH/USDT Token is testing a falling wedge resistance on the d#PYTH/USDT
Token is testing a falling wedge resistance on the daily timeframe🔍
After the breakout, SEED_DONKEYDAN_MARKET_CAP:PYTH needs to overcome a resistance level at $0.48 with the next target around $0.70 and then price could rise up to the $1.14 resistance zone👨💻
Alikze »» PYTH | Dynamic trigger failureIn the previous analysis presented, it made a correction to the current supply box that was specified. But in the time of 8H, there is a demand after the morning star candle.
💎 Currently, the dynamic trigger has broken and this pullback can be returned to the broken structure and perform an upward cycle to the specified areas.
💎 In the first step, after the support, this path can continue up to the limit of 0.5386 to fill the FVG gap in the daily time, and if there is a demand, it can be extended to the specified supply range.
💎 Alternative scenario: If the range of the green box is broken, this correction can continue up to the range of 0.39 of the OB range and the created demand.
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Pyth/USDT
TO DISCUSS ;) I see a significant opportunity here, especially since it is the sole competitor to the #Link project. I was expecting a favorable entry point at a lower level, particularly because an unlock occurred on May 20, which was yesterday. However, despite the unlock, there was no sell-off. The project is impressive with substantial goals, and you can accumulate gradually.
PYTHUSDT - BULLISH OUTLOOKPYTHUSDT is exhibiting a bullish divergence
on the 4-hour timeframe, suggesting a
potential reversal in the prevailing downtrend.
Furthermore, the price has successfully
breached its lower high level and established a
higher high, indicating a strengthening bullish
momentum.
Based on this analysis, a trading strategy can
be outlined as follows:
Entry: Consider entering a long position at the
current market price of $0.4700
Stop Loss (SL): Place a stop loss order at
$0.3540 to manage risk and mitigate potential
losses
Take Profit (TP): Set take-profit levels to
achieve a 1:1, 1:2 risk-reward ratio:
TP1: Set the first take-profit level at $0.5860
TP2: Aim for the second take-profit level at
$0.7090
This trading strategy anticipates a bullish
reversal based on the identified bullish
divergence and the breakout above the lower
high level.
Huge Unlocks ---- PYTHIn the next few hours, $825.5m worth of PYTH will be unlocked, releasing tokens equivalent to 141% of the current circulating supply. Different from ChainLink which has PUSH mechanism, as a representative of PULL mechanism, PYTH has developed rapidly in the past year. Nearly 200 protocols currently use PYTH as oracle. And as the demand for high-frequency data such as perpetual transactions or option transactions increases, the advantages of the PULL mechanism become more obvious. Fundamentally, PYTH has good development prospects.
But from a valuation perspective, PYTH's FDV has reached $4B. Already far more than many other oracle tokens except LINK. Therefore, after huge number unlocks, the value may be revalued. We mentioned similar logic in our previous article about SUI.
It can also be seen from the price trend that the PYTH dropped significantly when the huge unlocks is approaching. It is currently lower than TGE's closing price. Looking at the TSB indicator, PYTH is also experiencing a bearish trend. The column cannot even touch the wavy area. Therefore, PYTH may maintain a bearish trend for a long time to come.
Introduction to indicators:
Trend Sentinel Barrier (TSB) is a trend indicator, using AI algorithm to calculate the cumulative trading volume of bulls and bears, identify trend direction and opportunities, and calculate short-term average cost in combination with changes of turnover ratio in multi-period trends, so as to grasp the profit from the trend more effectively without being cheated.
KDMM (KD Momentum Matrix) is not only a momentum indicator, but also a short-term indicator. It divides the movement of the candle into long and short term trends, as well as bullish and bearish momentum. It identifies the points where the bullish and bearish momentum increases and weakens, and effectively capture profits.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Long term positionSEED_DONKEYDAN_MARKET_CAP:PYTH looks very promising right now, and I believe it has likely completed wave 2. In the short term, there may be price volatility due to the massive token unlock happening on the 20th. If this occurs, SEED_DONKEYDAN_MARKET_CAP:PYTH should not fall below its previous support level at $0.4. If this support holds, a double bottom signal could emerge, pushing the price upward. You might want to wait for certain signals, such as the formation of a double bottom or a bullish divergence, before deciding to open a long position.
Good for Long TermThe Pyth Network is the largest and fastest-growing first-party oracle network. Pyth delivers real-time market data to financial dApps across 40+ blockchains and provides 380+ low-latency price feeds across cryptocurrencies, equities, ETFs, FX pairs, and commodities.
The network comprises some of the world's largest exchanges, market makers, and financial services providers who contribute their own price data for use by smart contracts. Participants in the network include Binance, OKX, Jane Street, Bybit, Cboe Global Markets and more. The Pyth oracle program aggregates their data on-chain to guard against inaccuracies and manipulation. Finally, the protocol allows users to "pull" the latest price onto their blockchain when needed.
In less than a year since the launch of the cross-chain pull oracle, the network has secured over SEED_TVCODER77_ETHBTCDATA:1B in total value. The Pyth Network has been used by over 250 applications to secure $100B in trading volume. Integration with Pyth Price Feeds is permissionless.
#PYTH/USDT#PYTH
The price is moving in a bearish channel pattern on the 4-hour frame, and it adheres to it well, and it is expected to break to the upside
The price rebounded well from the lower border of the channel at the green support level of 0.4220, which is a strong level
We have a trend to hold above the Moving Average 100, which is strong support for the rise
We have very strong oversold saturation on the RSI indicator to support the rise, with a downtrend about to break higher
Entry price is 0.4380
The first target is 0.5146
The second target is 0.5747
The third target is 0.6550
PYTH - Possible stop huntDon't even know the purpose of this coin, all I care about is the chart. That being sad, this dip below those equal lows could turn into a stop hunt, which is typical for market behaviour, especially for cryptos.
These trades usually have the highest risk/reward because you can simply place a very tight stop below the wick and just let it ride.
Punted a long here.
Stay safe!