wedge upper boundary has been breached

At press time, the PYTH price has traded at $0.4883 with an intraday surge of +2.78%, with a market capitalization of $1.77 Billion. The PYTH 24-hour trading volume on all major tradeable platforms amounted to $220.73 Million.

Analyst Captain Faibik expressed optimism on X, noting that PYTH Network (PYTH) has broken out from a falling wedge on the 1-day chart.

Faibik further highlights that the train has already left the station, as a breakout seems to be in the process. He also stated that he looks at PYTH optimistically, and expects a 2x bullish rally in the coming days.

The analysis from the tweet suggests that PYTH Network happens to be on a rally formation after breaching the wedge, and rose from its support level, staying above 20-day and approaching 50-day exponential moving averages (EMAs) to cut from below, signaling once it surpasses the dynamic hurdle of MA's, the bullish trend could turn out to be epic.

Likewise, the MACD exhibits bullish potential, as it showed a bullish crossover in its vicinity with a growing histogram at 0.01190 and RSI indicates no overbought conditions yet, and the price relative strength increases as it has been above a median line at 56.51, a breakout potential looks crystal clear.

Since the wedge upper boundary has been breached, and if the breakout gains its momentum, PYTH Network price could aim for higher levels, potentially reaching $0.700 and, if surpassed, could extend gains up to $1.00.

Conversely, if the price fails to break, and trades back into the pattern, then a bullish pattern would lose its significance and make it an invalid point.

Additionally, if the PYTH Network price cannot hold above the $0.3800 mark, it may face a further plunge towards the demand zone at lower levels.

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