Pyth Network Market Overview

• Price declined 6.4% over 24 hours, closing near session low amid bearish momentum and overbought RSI divergence.
• Key support at 0.1215–0.1205 was tested multiple times, with volume surging on breakouts.
• Bullish rebound emerged after 0.12 as buyers re-entered below Bollinger Band lower boundary.
• High volume consolidation between 0.1215–0.1225 suggests potential for a short-term reversal or breakout.
• RSI near 30 implies oversold conditions, but Fibonacci levels suggest further downside potential.

Market Overview

Pyth Network (PYTHUSDT) opened at 0.127 on 2025-08-23 12:00 ET, reaching a high of 0.1288 before closing at 0.121 at 2025-08-24 12:00 ET. Total volume for the 24-hour window was 10.5 million, with a notional turnover of $1.33 million. The price action reflected a bearish bias, with key support zones repeatedly tested.

Structure & Formations

The candlestick pattern from 19:45 to 20:00 ET displayed a strong bullish engulfing pattern, lifting the price from 0.1274 to 0.1287. However, this was quickly retraced, suggesting temporary buying pressure. A bearish engulfing pattern followed from 23:30 to 00:00 ET, confirming bearish sentiment. Multiple dark cloud cover patterns emerged as the price consolidated around 0.121–0.1225, indicating sellers stepping in after brief rallies.

Moving Averages

On the 15-minute chart, the price fell below both the 20-period (0.123) and 50-period (0.124) moving averages, reinforcing the bearish bias. Daily moving averages (50/100/200) were not crossed during the 24-hour window, but the price remained below the 200-day MA, suggesting continued medium-term bearishness.

MACD & RSI

The MACD turned negative and crossed below the signal line late in the session, reflecting weakening momentum. The RSI reached 30, indicating an oversold condition, but price and RSI diverged during the session, with RSI failing to recover despite a rally. This suggests potential for further downside unless buyers step in decisively.

Bollinger Bands

The price spent much of the session in the lower Bollinger Band, reaching as low as 0.12. A volatility contraction was observed between 0.1215–0.1225, followed by a breakout attempt, indicating a potential consolidation phase before a directional move. The width of the bands remains relatively narrow, suggesting the market may be poised for a breakout.

Volume & Turnover

Volume spiked around 0.1215–0.1225 during the consolidation phase, with a peak of 993,905 at 12:00 ET. Notional turnover also increased at this level, suggesting meaningful accumulation. However, the price failed to break above 0.123, indicating a lack of conviction from buyers. A negative divergence between price and volume occurred around the 0.123–0.124 level, signaling bearish pressure.

Fibonacci Retracements

Applying Fibonacci levels to the swing high (0.1288) and low (0.12) shows the price currently testing 38.2% retracement at 0.1238 and 61.8% at 0.1256. A breakdown below 0.121 would target the 78.6% level at 0.1201, while a rebound above 0.124 may see short-term buyers re-enter the market.

The market could see a short-term bounce if buyers re-enter at current levels, but the broader trend remains bearish. A break below 0.1215 may trigger further selling pressure toward 0.12. Investors should watch for confirmation from both price and volume before taking positions.