Vulcan Forged (PYR) Price Analysis: PYR Eyes Higher As Price Bounces Off Major Support

Vulcan Forged PYR
Vulcan Forged (PYR) has printed a strong return for only being traded for about a month. Price has been consolidating, awaiting the next bullish push. PYR is part of the Dapp and NFT market and is a great solution for the hot topic. Alt season is in full stride and PYR shows much more potential ahead.

PYR Price Analysis: PYRWETH 4 Hr Chart

Read more PYR Token AnalysisPYR Token chart by TradingView

There is an evident ascending price channel found that PYR has been respecting for 3 weeks. This price has just reached the bottom trend of this channel. While consolidating to the bottom, PYR managed to form a falling wedge. This is a bullish pattern and the breakout looks to be very soon. PYR must hold 0.00148 to continue a bullish uptrend.

The price is held up by the 200MA. If price can no longer hold this mark, PYR may be in danger of a -15% fall. At the time of writing price looks ready for a breakout to major resistance of 0.00175.

If this mark can hold, PYR is in position to hit last major resistance of 0.002 before ATH.

While looking at the RSI, we can see the strength managed to break over a trend line it has been stuck under for over a week. To confirm a bullish upswing, the RSI must break over the 50 mark. The Stochastic RSI tells a similar story as its on its way to overbought territory, which is where large bullish moves occur.

PYR intraday levels

  • Spot rate: 0.0015276
  • Trend: Bearish
  • Volatility: High
  • Support: 0.001484
  • Resistance: 0.001759

The post Vulcan Forged (PYR) Price Analysis: PYR Eyes Higher As Price Bounces Off Major Support appeared first on Coingape.

Publication date: 
05/06/2021 - 09:36
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.