PYTH Technical Analysis Feb 24

PYTH network token is exhibiting neutral momentum at RSI 43.45 level, with MACD histogram positive but remaining weak under overall downtrend pressure; trading below short-term EMAs gives sell signals.

Trend Status and Momentum Analysis

PYTH is currently trading at the 0.05 dollar level and has narrowed its daily range with a 2.36% decline over the last 24 hours. The overall trend is defined as downtrend, the Supertrend indicator is giving a bearish signal, and the 0.06 dollar resistance forms a strong barrier. In terms of momentum, while RSI remains in the neutral zone, the positive MACD histogram offers hope for short-term recovery, but trading below EMA20 (0.05 dollars) confirms bearish short-term momentum. Volume is hovering around 9.69 million dollars, which is low compared to recent periods and indicates weak momentum. Multiple timeframe (MTF) analysis has identified 7 strong levels: 2 supports/2 resistances on 1D, 2S/2R on 3D, and 1S/2R confluence on 1W. These levels highlight critical points such as 0.0490 (support, score 77/100) and 0.0548 (resistance, score 77/100). Although momentum oscillators generally point to a weak downtrend, the positivity in the MACD histogram leaves the door open for a potential bounce. However, the lack of volume confirmation reveals that trend strength remains limited.

RSI Indicator: Buy or Sell?

RSI Divergence Analysis

RSI (14) is currently at 43.45 level and positioned in the neutral zone, giving neither overbought (above 70) nor oversold (below 30) signals. No regular bearish divergence is observed on the daily chart; while price makes new lows, RSI appears to be holding its base, carrying potential for hidden bullish divergence but lacking strong confirmation yet. On the 4-hour timeframe, RSI is consolidating in the 40-50 band and may signal weakening within the downtrend. Weekly RSI is around 45, indicating long-term momentum fatigue. The absence of divergence suggests momentum may continue without changing direction, but the neutral level should be monitored for short-term buying opportunities. If RSI breaks above 50, a momentum surge can be expected; otherwise, selling pressure increases toward 30.

Overbought/Oversold Regions

RSI at 43.45 is close to the oversold region but has not entered it yet. This level is critical for potential base formation in the downtrend; historically, similar neutral levels have seen 10-15% rebounds. Distance from overbought at 70 reduces the risk of rapid rises. From a momentum confluence perspective, RSI’s neutral position aligns with MACD and reinforces overall weakness.

MACD Signals and Histogram Dynamics

MACD is classified as bullish, with positive histogram bars showing expansion tendency and trading above the signal line. On the daily chart, although the MACD line is below the zero line, the positive histogram signals momentum slowdown and preparation for a potential crossover. Partial narrowing of histogram bars indicates diminishing bearish momentum; if bars expand, a bullish crossover could be triggered. On the 4-hour chart, MACD has crossed above the signal line, supporting short-term momentum surge. However, in the downtrend context, this positivity carries trap rally risk. Without volume confirmation, histogram returning to zero could accelerate sells. Overall dynamics carry potential for counter-trend movement, but the main trend dominates.

EMA Systems and Trend Strength

Short-Term EMAs

Price is trading below EMA20 (0.05 dollars), confirming short-term bearish trend. Narrowing between EMA10 and EMA20 ribbon shows momentum loss; if price fails to break above this ribbon, sells will continue. Short-term trend strength is weak, and combined with Supertrend resistance, limited upside to 0.0548 is possible.

Medium/Long-Term EMA Supports

EMA50 around 0.0521 forms resistance (score 64/100), while EMA200 is a long-term support/resistance line above 0.06. Ribbon dynamics confirm downtrend, medium-term EMAs are downward sloping, and trend strength measurement gives negative score. In the long term, EMA200 break would be key for major trend change. Current position suggests accumulation phase, but lack of volume strengthens distribution.

Bitcoin Correlation

BTC at 63,238 dollar level with 3.92% decline in downtrend, Supertrend bearish. Main supports at 62,910, 60,025, and 49,685; resistances at 64,633, 66,376, 68,116. As BTC dominance rises, altcoins are under pressure, PYTH’s high correlation with BTC (0.85+) reinforces the downtrend. If BTC breaks 62,910, PYTH’s 0.0490 support will be tested; 64,633 breakout would trigger PYTH rally to 0.0548. BTC’s bearish Supertrend is a caution signal for altcoins, PYTH momentum remains dependent on BTC.

Momentum Outcome and Expectations

Momentum oscillators are mixed: RSI neutral, MACD positive histogram but EMAs and Supertrend bearish. Volume confirmation weak, no divergence. Bullish target 0.0911 (score 28), bearish 0.0210 (score 22). Short-term, 0.0490 support is critical, breakdown accelerates sells; 0.0548 breakout surges momentum. Check detailed data in PYTH Spot Analysis and PYTH Futures Analysis. Overall outlook neutral-bearish, momentum confluence awaited. Close monitoring required, volume increase is key.