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The Pyth Network price dropped 5% over the past 24 hours to trade at $0.397 as of 8:50 am EST.

The Pyth Network Price At Risk Of Further Downside

TradingView Chart

4-hour chart for PYTH/USDT (Source: TradingView)

The Pyth Network price may drop below the immediate support level at $0.3820 in the next 24 hours as a bearish rising wedge pattern has emerged on the altcoin’s 4-hour chart.

Should this pattern be validated, PYTH may be at risk of falling below $0.3820 and dropping to the subsequent support level at $0.3140 in the following few hours. Continued selling pressure could then lead to the Pyth Network price plummeting to as low as $0.2580 in the short term.

This bearish thesis could be invalidated if PYTH is able to close a 4-hour candle above the upper boundary of the rising wedge chart pattern, which is positioned slightly above the major resistance level at $0.4385.

A sustained close above this level could then give the Pyth Network price the foundation needed to overcome the $0.5180 barrier as well in the following couple of days.

Technicals Show Sellers May Pull Down The Pyth Network Price

Technical indicators on PYTH’s 4-hour chart suggest that sellers are stronger than buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish. The MACD line is also currently breaking away below the MACD Signal line, which may indicate that PYTH’s negative trend will continue in the next 48 hours. 

In addition to this, the RSI line is positioned below its Simple Moving Average (SMA) line – signaling that bears are stronger than bulls. However, the tides may turn in favor of buyers soon, as the RSI is sloped positively towards overbought territory.

This could be an early sign of momentum shifting in favor of bulls, as well as a potential bullish reversal of the Pyth Network’s bearish cycle.

While the Pyth Network price stands the risk of falling further in the next couple of days, investors are busy rushing to the AI-powered trading platform Launchpad XYZ.

Boosting Traders’ Returns Through Cutting-Edge Technology

Launchpad XYZ is an innovative platform that offers a suite of state-of-the-art trading tools which are powered by AI technology. These tools give traders everything they need to maximize their returns, including in-depth sentiment analysis and valuable insights.

Launchpad XYZ’s bespoke AI language model lies at the core of this cutting-edge platform and crunches large amounts of trading data to generate trade signals.

These trading signals have been successful up until now, and generated a return of 2,917% for one investor. This success has resulted in interest in the project exploding, with its presale surpassing the $2.6 million mark.

Launchpad XYZ’s native token, LPX, can be purchased using either ether (ETH), Tether (USDT), Binance Coin (BNB) or bank card, and is currently selling for $0.045.

More Than A Speculative Opportunity

Launchpad XYZ offers investors more than just a speculative trade opportunity. What’s more, Launchpad XYZ proves that it is able to do what it sets out to do in its whitepaper, with its trade signals already generating close to 30x returns for investors.

As a result, the project’s popularity is on a rapid rise and is why users like VANI commented in the Launchpad XYZ Discord server: 

“I have never seen anyone making such huge profits in such a short period of time, with this recurrence, every month. I’ve been at LPX since May and every month the trades sent in the signal group are of a very high level, every month I’m even more impressed.”

As volatility in the crypto market starts to pick up, traders may want to utilize the advanced trading tools offered within the Launchpad XYZ platform to optimize their trading strategies. The early success of its free trade signals gave investors a sneak peak of the raw power of the platform, and is only a small portion of what is yet to come. 

LPX can be purchased here.

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