PYR Technical Analysis: Price May Soon Fall Below Support Level of $1.66
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PYR Technical Analysis: Price May Soon Fall Below Support Level of $1.66

June 10, 2021      Ankita Awasthi

Vulcan Forged is a blockchain-based gaming studio and open-source protocol for Non-Fungible Tokens (NFTs). This network also provides infrastructure for developing games and decentralized apps. PYR is the native token of this network. Users can use the PYR token for paying market settlement charges, staking, upgrading existing game assets, and sustaining game asset levels. PYR technical analysis is as follows.

Past Performance

On Jun 2, 2021, PYR opened at $2.40. On Jun 8, 2021, PYR closed at $1.75. Thus, in the past week, the PYR price has decreased by roughly 27%. In the last 24 hours, PYR has traded between $1.62-$1.77.

https://s3.tradingview.com/snapshots/f/fSls5bf4.png

https://s3.tradingview.com/snapshots/f/fSls5bf4.png

Day-Ahead and Tomorrow

Currently, PYR is trading at $1.67. The price has decreased from the day’s opening price of $1.75. Thus, the market seems bearish.

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The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 47%. It faced rejection at 31% and rose to the current level. Thus, buying pressures are slowly mounting. Thus, the RSI oscillator is pointing towards an impending price rise.

The OBV indicator is downward sloping too. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the PYR price.

In short, when we look at all three oscillators together, we can say that the overall market momentum seems bearish. However, intermittent price rises may occur amidst a falling trend as corrective price action.

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PYR Technical Analysis

Currently, the price is below the Fibonacci pivot point of $1.71. The price may soon fall below the first Fibonacci pivot support level of $1.66 as well. Thereafter, we have to wait and watch if a temporary price rise occurs as a part of the price correction process.

The price has tested and fallen below the 38.2% FIB retracement level of $1.68. It may soon fall below the 23.6% FIB retracement level of $1.65. Thus, as of now, the bears seem strong. Hence, the price may continue to downswing tomorrow as well.

#PYR #Vulcan Forged
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.