Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Pyth Network (PYTH) Climbs 10.7% as Descending Channel Formation Tightens on 12H Chart

Pyth Network (PYTH) Climbs 10.7% as Descending Channel Formation Tightens on 12H Chart

CryptonewslandCryptonewsland2025/11/12 22:51
By:by Francis E
  • PYTH is at $0.1098 and it has gained 10.7% in 24 hours and is in a declining channel on the 12-hour chart.
  • The token is supported at $0.0989 and it is resisted at $0.1101.
  • An established escape out of this channel would cause an effective short term surge in case the momentum prevails.

On the 12-hour chart, Pyth Network native token PYTH is already trapped in a clear downward channel, and the tendency to own lower highs and lower lows has been observed. The token is trading at $0.1098, which is an increase of 10.7% in the last 24 hours. This structure has increased market activity as the end-user traders are monitoring it, and it is going to determine the following price direction in the short-term.

The formation describes how the movement of the price is subtly compressed between specified limits indicating that there is a constant uncertainty between the buyers and the sellers. It is worth noting that the token has consistently probed the upper end of the channel meaning that there is a possible breakout pressure as the trading volume starts to level off.

Price Range Tightens as Support and Resistance Levels Hold Firm

The level of support of PYTH is at $0.0989, and this has been a steady rebound level over a number of sessions. The nearest resistance of the token is at $0.1101 which is the highest point in the 24 hour range.This tight range reflects reduced volatility before a possible directional move.

In addition, the chart pattern highlights that each pullback within the channel has resulted in slightly higher lows, a detail that often precedes structural reversals. However, confirmation remains dependent on whether the price can sustain movement above resistance. The ongoing pattern has drawn increased attention as market sentiment aligns with broader crypto consolidation.

Technical Structure Suggests Breakout Potential if Momentum Persists

Since the beginning of September, the price of PYTH has been limited in the downward direction creating a clear technical formation. Should the momentum play out, breaking out above the current price of $0.1101 will be a possible avenue to a major short-term growth. Historical reactions to similar breakouts in this setup have often led to sharp movements.Meanwhile, maintaining the $0.0989 support remains critical to preserving the bullish outlook. A breakdown below that zone could extend the pattern further. Market participants are closely monitoring the upper boundary, where a confirmed breakout may establish the next directional bias in the coming sessions.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

XRP News Today: SEC Approval of XRP ETF May Spark $5 Price Jump, Echoing Bitcoin ETF Surge

- XRP's potential surge hinges on SEC ETF approval and Fed rate decisions, with analysts projecting $5+ prices if institutional demand mirrors Bitcoin/Ethereum ETF trends. - Ripple's global liquidity network expansion and $500M institutional backing strengthen XRP's case, while technical indicators suggest $2.60-$2.70 as key near-term thresholds. - Market risks include Fed policy impacts, AI/meme coin competition, and whale inactivity, though $100B ETF volume projections could drive a 2024-2026 rally to $5

Bitget-RWA2025/11/13 08:08
XRP News Today: SEC Approval of XRP ETF May Spark $5 Price Jump, Echoing Bitcoin ETF Surge

Trailblazers Forge Mina’s Mesa Route: Joint Testing Transforms Blockchain Advancements

- Mina Protocol's "Mesa" upgrade introduces faster block slots, expanded on-chain limits, and automated hard forks to enhance performance and developer capabilities. - The five-phase testing plan includes internal validation, testnet experiments, and incentivized community trials to ensure seamless mainnet deployment. - Automated upgrades and expanded zkApp support aim to reduce operational complexity while maintaining network security and accessibility for node operators. - Collaborative testing through T

Bitget-RWA2025/11/13 07:44
Trailblazers Forge Mina’s Mesa Route: Joint Testing Transforms Blockchain Advancements

Ethereum News Today: "Ethereum Giants Face Off: $37 Million Long Position Battles $9.9 Million Short in High-Risk Hyperliquid Wager"

- Ethereum whales opened $37M long and $9.9M short positions with 25x leverage on Hyperliquid, highlighting crypto's high-stakes trading dynamics. - Hyperliquid's deep liquidity and transparent execution attract large players using stablecoins to fund leveraged positions amid volatile markets. - Technical analysis shows Ethereum facing resistance at key levels, while macroeconomic factors like US-China tensions drive risk-averse trading behavior. - Experts warn high-leverage positions risk rapid liquidatio

Bitget-RWA2025/11/13 07:10

Hyperliquid News Today: DeFi 'Degen Warfare' Erupts: POPCAT Exploit Results in $4.9M Loss for Hyperliquid

- Hyperliquid suffered a $4.9M loss from a POPCAT token manipulation attack orchestrated by a single trader exploiting thin liquidity and automated risk systems. - The attacker used 19 wallets to inflate POPCAT's price before liquidity removal triggered cascading liquidations, forcing Hyperliquid's HLP to absorb remaining losses. - POPCAT's price dropped 19% in 24 hours to $0.1262, exposing vulnerabilities in DeFi platforms' ability to prevent market manipulation in low-liquidity memecoin markets. - This f

Bitget-RWA2025/11/13 07:10
Hyperliquid News Today: DeFi 'Degen Warfare' Erupts: POPCAT Exploit Results in $4.9M Loss for Hyperliquid