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๐ PYTH/USDT Technical Update (1H Chart โ Binance)
Traders, eyes here ๐ โ PYTH has been showing a classic descending channel pattern after its sharp pump and subsequent dump. Letโs break this down:
๐น Upper Zone: After the huge spike, price touched the 0.30+ area but couldnโt sustain. Heavy selling pressure entered, locking this range as strong resistance.
๐น Dump Phase: Since then, price action has been in a controlled downtrend, forming lower highs and lower lows. This clearly indicates weak demand and continuous distribution.
๐น Lower Zone: Now, the market is testing the critical 0.155 โ 0.160 support zone. If this level breaks with volume, we could see a further slide towards the lower liquidity pocket.
โ ๏ธ Key Levels to Watch:
Resistance: 0.18 โ 0.20 (Only a breakout above this will shift sentiment bullish again)
Support: 0.155 (Breakdown here may accelerate selling pressure toward the lower zone)
๐ Traderโs Insight:
Currently, PYTH is at a make-or-break point. Smart traders should watch closely โ either accumulation will happen here (leading to a bounce) OR a breakdown could bring another wave of selling.
๐ก Pro Tip: Never chase pumps ๐, instead focus on accumulation zones and confirmations. Risk management is your edge.
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Best of luck ๐ค ๐ ๐ค