Pyth Network (PYTH) is approaching a key resistance level after gaining 3.71% to trade at $0.04095. Analyst Jonathan Carter highlighted that a breakout above this channel resistance could signal a trend change. Meanwhile, futures data shows falling volume but rising open interest, with a negative funding rate indicating short dominance persists amidst mixed technical signals.
The Pyth Network (PYTH) price is attempting a recovery, now trading near a major resistance zone on its daily chart. As of reporting, the asset trades at $0.04095, marking a 24-hour increase of 3.71%, with its weekly gain at 8.62% according to CoinMarketCap data. Trading volume has decreased by 7.3% to approximately $17.87 million.
Analyst Jonathan Carter stated that PYTH is testing the resistance ceiling of a long-standing downward channel. “A confirmed breakout above this structure would also indicate a trend change and invalidate the ongoing bearish formation,” he noted. The analysis identifies $0.053 as the first breakout target.
Futures market metrics present a mixed picture, as shown by CoinGlass. While futures volume fell 15% to $36.64 million, open interest rose nearly 4% to $21.34 million. The open interest weighted funding rate remains negative at -0.0038%, signaling continued short position dominance.
Liquidation activity has been limited over the past day, totaling approximately $38,000. Short position liquidations accounted for about $27,000, compared to long liquidations of roughly $11,000.
Technically, Exponential Moving Averages indicate a weak trend, with the price below the 20-day EMA at $0.0414. The 50-day, 100-day, and 200-day EMAs present higher resistance levels at $0.0461, $0.0549, and $0.0766 respectively. The Relative Strength Index reads 43.62, below the neutral 50 level but above its average of 33.80, suggesting mild improving momentum.
