Pyth Network Price Could Soar 50% With Rally

Over the past two days, we’ve observed the ongoing bearish correction phase in the crypto market—a movement that offers opportunities for investors and traders to enter at more favorable valuations.

Now, the awaited confirmation has emerged, validating buy positions and paving the way for potential gains for an array of cryptocurrencies, including Pyth Network.

4-hour time frame analysis

PYTHUSD - 4 Hour Time Frame

Bearish corrections often act as a launchpad for strong buy positions, particularly when they involve the selection of initial Sell-Side Liquidity. This process creates a unique window to pair high transaction volumes, effectively reinforcing the market's bullish potential.

The next critical step in confirming a position's validity is a closure above the resistance zone. This behavior is currently evident on the Pyth Network (PYTH) cryptocurrency within a four-hour timeframe, signaling a potential bullish breakout.

Pyth Network price target

To manage risk and capital efficiently, it is crucial to place a Stop Loss order strategically. Position the Stop Loss just below the internal low, as indicated on the accompanying chart, to protect against potential losses.

At the same time, set Take Profit orders at key Buy-Side Liquidity levels to ensure you capitalize on upward price movements. If the price experiences a decline and subsequently closes below the lowest resistance level on the four-hour timeframe, this presents an opportunity to adjust the position. In such a case, consider selling a portion of the position.

This approach acknowledges the reduced probability of success for the trade under these conditions, allowing for a more calculated and measured response to evolving market dynamics.

By carefully monitoring key levels and adhering to disciplined risk management, traders can navigate these market movements with greater confidence and precision.