#PYTH/USDT price is testing the 1.618 Fibonacci level at the $0.65 mark. At the same time, the upward trend forms two parallel boundary lines, forming an upward channel shape, which controls the upward trend.â
The altcoin declined within the channel to test the bottom support trendline as supply increased towards $0.65. PYTH price action resulted in multiple candlestick price rejections lower, anticipating a high probability of a bullish reversal.â
Currently, PYTH price is trading at $0.56, showing minimal intraday moves after a late-night recovery. Additionally, buyers plan morning star patterns at the baseline to increase reversal opportunities and momentum.â
Technical indicators:
DMI: The decline in the ADX line coincides with a pullback phase and brings the VI line closer to a crossover. However, a Morning Star-led reversal opportunity could soon return the DMI indicator line to a bullish position.
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