🛑🛑🛑Technical analysis $PYTH (12H) 🛑🛑🛑 $BB $PEOPLE
![](https://public.bnbstatic.com/image/pgc/202406/d36362053819815d478330435044ef2b.png)
Indicators and Levels
Parabolic SAR indicator:
Parabolic SAR points are above the candles, indicating a downward trend. 📉
Indicator Ishimoku:
Kijun-sen (purple line) and Tenkan-sen (blue line): Both lines are above the current price, signaling a bearish trend.
Ichimoku Cloud: The price is below the cloud, which also confirms the bearish trend. 🌥️
Chinkou Span (green line): The lag line is below the price chart, confirming the bearish trend.
Moving averages (MA):
MA (25) and MA (99): The current price is below both moving averages, which also indicates a bearish trend. 🐻
Support and resistance levels:
Support: Area between $0.4216 and $0.4266. The price tested this area several times, which confirms its significance. 🔽
Resistance: The area around $0.4521, where the price has encountered resistance several times. 🔼
Analysis of trends and patterns
Trend line:
The chart shows several attempts by the price to break through the resistance level, but without success. This indicates the stability of the bearish trend.
Pattern:
A consolidation pattern is forming in the support area, which may indicate a possible future reversal or continuation of the current trend.
Volume and other indicators
Trading volume:
Trading volume remains relatively low, which may indicate declining interest in the asset or a consolidation phase. 📊
conclusions
Short Term: In the short term, PYTH continues to be under bearish pressure. The support level around $0.4216 needs to be monitored. If this level is broken, the price may drop even lower.
Medium-term: To transition to a bullish trend, the price must break through the resistance level of $0.4521 and consolidate above the Ichimoku cloud.
Long term: To confirm a long-term bullish trend, we need to watch for an increase in trading volume and a breakout of key resistance levels.
Trading recommendations 📈💼
Buy: Consider buying the $0.4216 support area with a short stop loss below this level.
Sell: Selling may be appropriate at the $0.4521 resistance area if the price fails to break through this level.
Caution: Closely monitor trading volume and indicator signals to make informed decisions.