Based on the analysis of the attached image, the following points can be identified:
1. Market trend:
It appears that the (PYR) coin was moving in an uptrend from the low of 2.138 to the high of 4.960.
A clear correction then occurred, with the currency returning to the 3.05 area.
Technical indicators (such as MACD and RSI) indicate a relative weakness in the current upward momentum, but there is still potential for a recovery.
2. Support points:
First support: 2.636 (recent bottom).
Second support: 2.138 (previous and most important bottom).
3. Resistance points:
First resistance: 3.207 (24-hour high).
Second resistance: 4.066 (clear previous high).
Most important resistance: 4.960 (highest point reached).
4. Reading technical indicators:
EMA (Moving Averages):
The current price is oscillating around the moving averages (EMA 7, EMA 25 and EMA 99).
A price crossover above EMA 25 and EMA 99 could strengthen the bullish momentum.
MACD:
The indicator is showing slight positive signals with a possible crossover between the signal line and the MACD line. This could be the beginning of an uptrend.
RSI:
At 63.8, it indicates that the currency is in a neutral to bullish zone but not yet in an overbought zone.
Stochastic RSI:
Some pullback is showing, which means a short-term corrective move is possible.
OBV (On Balance Volume):
It shows a slight increase in volume, which supports the continuation of the momentum if the volume increases further.
5. Recommendations:
If the price bounces off the support level of 2.636, there could be a buying opportunity.
If the price breaks the resistance of 3.207 with high trading volume, it may be a good opportunity to enter with a target of 4.066 and then 4.960.
Place stop loss orders below support 2.636 to reduce risk.
