PYR/USDT
1. Current Price Level: The price is trading at $4.535, showing a slight 0.85% increase within the last 24 hours.
2. Historical High: PYR reached a peak of $50 in November 2021, which serves as a critical long-term resistance.
3. Trendline Analysis:
A descending trendline connects the lower highs, indicating a long-term bearish trend that is yet to be broken convincingly soon.
Recent price action shows consolidation around the $2.05 to $4.50 range, potentially forming a base for a trend reversal.
4. Support Levels:
$2.059 (recent swing low) acts as a strong support level.
5. Resistance Levels:
$17.24: This is the first significant resistance from historical price action.
$34.819: Next major resistance level, indicating significant profit-taking zones for bulls.
Projection:
The drawn speculative projection shows:
1. A potential breakout from the descending trendline, which could act as a catalyst for an upward move.
2. Possible retest of $17.24, with the likelihood of a continued rally toward $34.819 if momentum builds.
Indicators & Sentiment:
Volume: Increasing volume around the breakout levels will confirm the upward momentum.
MACD & RSI: Adding these indicators would provide confirmation for a bullish divergence or momentum shift.
Strategy:
1. Bullish Scenario:
Entry: Above the trendline breakout (around $5-$6).
Targets: $17.24 (short-term) and $34.819 (mid-term).
Stop Loss: Below $4 or the trendline.
2. Bearish Scenario:
If price fails to break the descending trendline, it may retest the $2.059 support.
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