Pyth Networkrok preparing for a successful December; Could PYTH price reach $1 in December 2023?

Since its launch, the Pyth Network token has received mainstream attention regardless of price fluctuations. The token began trading explosively, followed by a massive drop similar to other airdropped tokens such as Uniswap (UNI) or Arbitrum (ARB). However, the price continues to hold firm above the support line, suggesting a resurgence of the bullish trend.

After being rejected from the highs during the launch, PYTH price rebounded to form an intermediate high at $0.55. However, this rally was short-lived, with a notable decline that took the price down to $0.37. Despite the decline in trading volume, the Chainlink competitor has sparked a healthy bounce from its lows. This indicates a massive exhaustion of selling pressure that could pave the way for a healthy uptrend in the coming days.

Short-term Pyth Netwrok price analysis indicates that the token is gaining some strength as the price works hard to validate a bounce from lower support. The hourly chart shows the formation of a descending parallel channel. The price bounced back after hitting the middle band of the channel and breaking through the middle resistance at $0.39.

Since both RSI and MACD are bullish, it is speculated that the price will close the day on a strong note, breaking the channel and hitting a daily high above $0.415. If the price fails to maintain the above upward momentum, an immediate support drop around $0.37 to $0.365 could be imminent.

Central level (short term – 1 hour)

Resistance: $0.409

Support: $0.365

10-day EMA: $0.40667

10-day SMA: $0.4387

Sentiment: Bearish

Fear & Greed Index: 74 (Greed)

Today’s prediction: $0.37 to $0.401