Pyth Network (PYTH) is showing signs of a potential breakout pattern on the upside following the development of the Ascending Triangle pattern. Although the current momentum is bearish, it is clear that the purchasing pressure is gaining ground. The important aspect to consider is whether the breakout levels are sustained.
Pyth Network (PYTH) Breakout Signals Further Growth
Based on recent observations by crypto analyst Alpha Crypto Signal, it was noted that PYTH has managed to confirm an ascending triangle breakout. An ascending triangle breakout normally indicates a steady accumulation and a buying force in a given token or cryptocurrency.
So long as PYTH holds its level above the breakout region, the positive pattern remains intact, and the possibility for further growth exists. It has been noticed that slight corrections could merely represent healthy tests, whereas a breakdown below the rising trend-line may suggest decreasing momentum.
At the time of writing, Pyth Network (PYTH) is trading at $0.06227, with a 24-hour trading volume of $20.34 million and a market capitalization of $359.13 million. Over the last 24 hours, PYTH has seen a modest price increase of 0.69%, signaling some renewed interest in the token.
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PYTH Weekly Chart Shows Weak Momentum
Based on the weekly chart, the momentum of PYTH seems to be limited. The RSI value of 33.83 remains low and below the signal line of 38.04, showing that the buying power is not strong, with the bears dominating the market.
In addition, PYTH’s chart is currently trading below the MA Ribbon, with the major moving averages set at 0.11159, 0.13591, and 0.29661, all of which are trending downwards. This indicates that the overall trend is still on the downside, but buyers are only partially in control.
The MACD is still bearish. MACD line is -0.02678, while the signal is -0.02360. The histogram is -0.00318, showing that the bear trend is ongoing, but the momentum is not accelerating.
Overall, PYTH points to the possibility of an immediate positive breakout, but the momentum indicator on the weekly chart is cautioning. As long as the price remains within the breakout area, trading opportunities might emerge. Crossing the rising trend line may reverse the momentum.
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