Pyth Netwrok Preparing for a Bulish December; Can PYTH Price Reach $1 This December 2023?

On Dec 1, 2023

Ever since its launch, the Pyth Network token has been receiving mainstream attention, regardless of the price action. The token commenced its trade with a blast, which was followed by a massive decline similar to the other air-dropped tokens like Uniswap (UNI) or Arbitrum (ARB). However, the price continues to hold tight above the support, pointing towards a revival of a bullish trend.

After being rejected from the highs during the launch, the PYTH price rebounded and managed to form the interim highs at $0.55. However, this rally was also short-lived, as a notable drop followed, slashing the prices to $0.37. Despite a drop in volume, the Chainlink competitor has triggered a healthy rebound from the lows, indicating a massive exhaustion in the selling pressure that may pave the way for a healthy upswing in the coming days.

The short-term Pyth Netwrok price analysis indicates the token is gaining some strength as the price is trying hard to validate a rebound from the lower support. The hourly chart displays the formation of a descending parallel channel. The price hits the middle bands of the channel and rebounds, piercing through the interim resistance at $0.39.

The RSI and MACD are both bullish and hence the price is speculated to close the day’s trade on a bullish note, breaking above the channel and achieving daily highs above $0.415. If the price fails to sustain the above gains, then a drop to immediate support at around $0.37 to $0.365 may be imminent.