- Bulls regain control as PYR surges to a 12-month high of $5.15, signaling positive investor sentiment.
- Increased market cap and trading volume boost PYR’s appeal as a viable investment option.
- Overbought conditions hint at a potential price correction, while buying pressure remains strong for PYRUSD.
Despite a negative start to the day, bulls in the Vulcan Forged PYR (PYR) market recovered after establishing support around the intra-day low of $4.26. Significantly, an intraday low can act as a short-term support level because traders anticipate that if the price approaches or reaches that level again, it may reverse direction due to buying pressure.
Consequently, the price of PYR rose to a 12-month high of $5.15 before retreating slightly, as per CoinStats. At press time, PYR was trading at $5.03, up 11.87% from its previous low. This price increase could reflect a significant positive outlook among investors and signal that the market may continue to rise soon.
PYR’s market capitalization and 24-hour trading volume climbed by 14.35% and 52.94%, respectively, to $141,657,671 and $37,410,392, suggesting a potential greater interest and activity in the PYR token.
If the bullish momentum breaks over the $5.15 barrier, the next level to monitor is around $6.00 since indicators show that although bullish momentum is strong, it may be overbought. Breaking through this $6 level may unleash a fresh wave of purchasing pressure, propelling PYR’s price further.
However, if the bears retake control and push the price below $5, it might signify a change in market mood and result in a temporary drop in the price of PYR. Analysts believe a daily closing over $4.70 is required to establish a prolonged position and confirm the positive trend. This move is expected to attract additional purchasers and raise the likelihood of PYR continuing to rise.
PYR/USD Technical Analysis
The stochastic RSI on the PYRUSD price chart is in the overbought range, with a value of 99.71, indicating that the price may be ready for a reversal or correction soon. This degree of overbought conditions could suggest that PYR may be overpriced and bullish momentum may falter. Consequently, if the selling pressure continues to build, the price of the PYRUSD might decline significantly.
The Chaikin Money Flow rating of 0.36 and rising implies a possible buying pressure for PYRUSD. This CMF trend indicates that, despite the overbought circumstances, investors are still interested in acquiring the asset since it’s in the positive region.
In conclusion, PYR’s recent surge showcases bullish potential, but overbought conditions raise caution for possible corrections.
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