What to know:
- PYTH breaks the descending channel, signaling a trend shift with strong upside targets ahead.
- Volume jumps 81% as derivatives activity and open interest confirm rising trader interest.
- RSI at 63 with EMAs tightening suggests momentum build without overbought pressure.
On Saturday, April 11, Pyth Network (PYTH) moved into focus after breaking out of a prolonged descending structure on the daily chart. The shift marked a change in trend direction. Analysts pointed to improving momentum as price action moved beyond a key resistance pattern.
According to CoinMarketCap data, the token is currently trading at $0.04786, posting a 3.9% gain in the last 24 hours. Weekly performance showed a 15.53% increase, reflecting steady buying activity.
Trading volume reached $31.29 million, rising 81.59% within the same period, indicating stronger spot market participation.
Also Read: PYTH Price Builds Momentum: Can It Cross $0.053 Resistance?
PYTH Breaks Descending Channel
A prominent analyst, Bit Amberly, highlighted that PYTH moved above a descending channel on the daily chart. This channel had guided prices lower for months. The breakout marked a structural shift in trend direction.
A retest of the breakout level may occur before continuation. If the structure holds, targets include $0.053, $0.070, $0.090, $0.110, $0.150, and $0.180.
General Satoshi, another analyst, mentioned that PYTH has broken out from its extended downtrend. The breakout is described as smooth, specifically on the daily chart. A price target of above $0.13 is suggested, with an upside of 212% profit from previous consolidation.
Derivatives Volume and OI Rise
CoinGlass data shows that the derivatives volume saw a rise of 94.44% to reach $66.23 million. Meanwhile, the open interest is up by 15.32% to reach $27.88 million. The OI-weighted funding rate is at 0.0060%.
The liquidation volume did not surge significantly during the period. The total liquidation volume amounted to $78,940 in the past 24 hours. The long positions accounted for $43,120K, while the short positions totaled to $35,820K.
PYTH RSI and EMAs Strengthen
According to TradingView data, the short-term EMA shows an early recovery in momentum. The 20-day EMA value is $0.0427, with the price trading above this point. On the other hand, the 50-day EMA is at $0.0455, below the price level, indicating that short-term resistance has begun to ease.
The longer-term EMA values remained above the price and still exhibited a downtrend. The 100-day EMA stands at $0.0534, whereas the 200-day EMA is at $0.0744. Although the values represented the overall trend direction, the declining gap implied that bearish sentiment had moderated.
The Relative Strength Index (RSI) chart displayed a significant uptrend. The RSI reads at 63.19, with the signal line at 43.98. Thus, the indicator confirmed an increase in momentum without moving into the overbought region.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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