PYTH Approaches Critical Resistance—Will $1.00 Be the Next Target?

• PYTH’s falling wedge price action is a sign of strong demand, with a key level of breakout at $0.30-$0.35.
• Technical indicators, such as the Stochastic RSI and DMI, indicate a possible bullish trend reversal, supporting upward price momentum.
• Analysts predict a break could drive PYTH’s share price to $1.00, a gain of 210% in the event the stock breaches resistance at $0.40.

Pyth Network (PYTH) is showing indications of a potential reversal rally, with market observers watching keenly in a falling wedge pattern. The coin has gained 14.59% over the past week, sparking speculation about a potential breakout that would take its price significantly higher.

Falling Wedge Pattern Indicates Bullish Potential

In a recent tweet on X The Crypto Titan has provided recent insights on PYTH, and in them, they believe the asset has already bottomed and is about to move upward. PYTH is said in the post to currently be underpriced, and a move above the falling wedge could see its price reach $1.00.

PYTH’s price action has been in a falling wedge, a setup with lower highs and lower lows. The recent bounce on the lower trendline is a testament to high demand, with the next significant level of resistance at $0.40.

Analysts predict a potential breakout above the level could see a price move of as high as 210%, hitting a level of $1.00. Alternatively, a failure in a breakout could see a pullback and consolidation.

Technical Indicators Support Bullish Outlook

The Stochastic RSI reading at 9.22 and 3.80 signals PYTH is in overbought. It is a hint a potential upward move is imminent in the case of a crossover.

Source: TradingView

Moreover, the Directional Movement Index (DMI) shows a looming crossover of +DI (14.49) and -DI (14.23), and in case of a confirmation, could signal buyers regaining command. The ADX level of 22.82 signals a decelerating trend but a breakout could strengthen momentum.

Key Levels and Target Price

Traders are watching the area around $0.30-$0.35 as a potential area where a breakout could occur. If PYTH moves above here, the stock could move on to reach around $0.50-$1.00 in the near future. Downward, a break above could see consolidation.

At the time of writing, The price was at $0.2431 with a market capitalization over the last 24 hours at $74,758,403. It is a gain over the day of 2.65%.