The PYTH token has been on a stunning upward trajectory in recent months, posting an impressive 90.29% price increase in the past 90 days. Trading at around $0.475, PYTH is currently pushing against a significant resistance level at $0.52. With fresh bullish momentum, many are wondering if the cryptocurrency is on the verge of breaking out, potentially reaching new heights with a target of $0.80—a 70% rise from current levels.

PYTH’s Rising Channel Pattern

A closer look at PYTH’s price action reveals a distinct rising channel pattern on its daily chart, characterized by the creation of higher highs and higher lows. This channel has been pivotal in guiding the bullish recovery for the token, with the price jumping from a low of $0.25 to its current level of $0.475. This price surge represents an incredible 90.29% increase, signaling strong market support.

Currently, PYTH’s price action is testing the upper boundary of this ascending channel, trying to break free and move higher. Traders are watching closely to see if this breakout will materialize, especially as the token faces its immediate resistance at $0.52. If this level is breached, the next target could be $0.80, marking a potential 70% rally from current prices.

Key Technical Indicators

Several technical indicators suggest that PYTH’s upward momentum is supported by solid market forces. Notably, the recent “golden crossover” between the 50-day and 200-day Exponential Moving Averages (EMA) has garnered attention. This crossover indicates that the shorter-term moving average is now above the longer-term moving average, a signal that further bullish momentum could be on the horizon.

In addition, the MACD (Moving Average Convergence Divergence) has also crossed positively, further bolstering the case for a continuation of the rally. The increasing volume and positive crossovers between the MACD and signal lines highlight that momentum is in favor of the bulls.

Resistance and Support Levels to Watch

While the current technical setup is bullish, PYTH is facing some key resistance levels that will determine if the rally can continue. The immediate resistance sits at $0.52, which corresponds to the 50% Fibonacci retracement level. If PYTH can break through this barrier, the next target would be $0.80, aligning with the 70% upside potential.

However, there are crucial support levels to monitor as well. If the rally loses steam, the first support area lies at $0.43, followed by $0.35. A drop below these levels could halt the bullish momentum and lead to a retest of the lower support zones.

On the upside, if PYTH surpasses its immediate resistance, the Fibonacci retracement levels suggest the price could climb to $0.5745 at the 38.2% level, or even reach $0.6759 at the 50% Fibonacci level. If the bulls continue to dominate, the token could push past $0.80 and open the door for higher price targets.

Can PYTH Reach $1?

Looking ahead, many traders are speculating whether PYTH could eventually hit the $1 mark in the next bull run. If PYTH manages to maintain its upward momentum and break past the $0.52 resistance, the path toward $1 could be very much in play. However, this will depend on how well it manages to hold its support levels and sustain the bullish trend.

With the increased accumulation of the PYTH token, there is a growing belief that this digital asset could outperform in the coming months. Large-scale buying activity suggests a continued rise in demand, which may eventually drive the price higher. If the token keeps breaking through resistance levels, a push towards $1 could become more likely in the future.

Conclusion

PYTH has shown impressive bullish momentum in recent months, and with the potential for a breakout above $0.52, the next target is a significant $0.80. Technical indicators, such as the golden crossover and MACD, indicate that PYTH’s upward trajectory is well-supported. However, key resistance and support levels must be watched closely. If the token maintains its momentum and surpasses these critical levels, it could open the door for higher prices and a potential push toward $1. For now, PYTH remains one of the more exciting tokens in the market to watch.