PYR crypto soars 45% in 30 days – Time for cool-off?

by
  • PYR crypto rallied 45% this month but cooled off below $4. 
  • Will a short squeeze push it above $4 and extend the rally? 

As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I’ve seen my fair share of bull runs and bear markets. The recent surge of PYR crypto has caught my attention, and while it’s impressive to see such a significant rally in just a month, I can’t help but feel a sense of cautious optimism.

In the month of November, the native cryptocurrency for the gaming blockchain platform Vulcan Forged, named PYR crypto, experienced a significant increase, moving from $2.1 to $4.6. Currently, it stands at a value of $3.5, marking a 45% jump over the past 30 days.

Given the recent decline in buyer interest, is it likely that the price trend for PYR cryptocurrency will further decrease or spark a new upward momentum?

PYR crypto rally cools

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

The upper long candlestick wicks indicate buyer exhaustion that always precedes cool-offs. PYR followed a similar trend and has been consolidating below $4 for the past few days. 

If the ongoing bullish trend and the upward movement of altcoins persist, the token PYR might experience a temporary pause (consolidation) before advancing further. The recent price reversal took place at $4, which also served as a previous support and resistance level during Q2.

If the price surpasses $4 significantly, it might suggest a continued uptrend, thereby raising the likelihood that PYR will reach its projected targets at $5 and $6.

It seems like the technical indicators suggest we might be approaching a temporary peak. The Relative Strength Index (RSI) reached an overbought state and started to drop, which could mean that demand is decreasing. Could it possibly fall to the 50 neutral level before recovering again?

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

In a similar fashion, the On Balance Volume (OBV) started to weaken around its peak in June, hinting that the momentum for PYR’s price might slow down or even reverse.

Short positions pile at $4

In the near future, the $4 price point might serve as a significant barrier for potential increase, due to an uptick in short-term bearish positions as indicated by the prominent orange levels on Coinglass.

Without much support for the price at its current level, there may be an attempt to find buying interest (upside liquidity) that could push PYR back towards $4 or even cause a short squeeze to drive prices higher. But if the price were to fall below $3.3, it might complicate any attempts to surpass $4.

Read More

2024-11-29 02:15