Is Pyth Network Going to Zero? PYTH Price Falls 6.9% and New Bitcoin Mining Protocol Reaches $4.8 Million
Latest airdrop gainer Pyth Network is battling downside movements as PYTH price tumbles -6.9%, leaving some anxious bag-holders asking ‘Is Pyth Network Going to Zero?’.
However, market sentiment remains bullish, with traders identifying the ongoing bounce out of the moving average support zone as a potential breakout move as signs of a successful consolidation.
$pyth bounced from my zone
soon new leg up to 0.5$ and above https://t.co/W8SWHTNGA2 pic.twitter.com/7xwdy9iC1W
— CRYPTO KNIGHT $INJ TO 100$ (@cryptoknight890) December 5, 2023
This could poise PYTH price to mount another sensational run up to an all-time high around $0.55 as price hammers up to higher support target around $0.50.
As price recovers from the retracement move, Pyth Network is currently trading at a market price of $0.49 (representing a 24-hour change of +17.38%).
The healthy recovery move comes after a nail-biting retest of lower support, as price dropped -6.9% overnight, however, moving average support around $0.41 remained well-defended, providing a foothold to the current breakout move.
Indeed, the ongoing pump is significant, breaking high above resistance at $0.475, which has provided a capstone for upside price exploration since November 26.
However, concerns emerge from the RSI indicator, which has risen significantly throughout the sudden upside recovery move.
Now reading a bearish and overbought 67.55, it seems likely that price action will be forced to stall and consolidate newfound gains soon, ahead of a push to the ATH.
Meanwhile, the MACD indicator (which measures momentum in the chart) is reading at 0.0057 – suggesting that price action will continue to push up.
Overall, PYTH price looks incredibly healthy in the midst of this recovery move,
Read more on cryptonews.com
