• PYTH trades at $0.1906 after a 5.49% drop, with volume plunging 63.49% to $837.96 million in 24 hours.
• Weekly gains reach 50.28%, signaling resilience and strong market interest despite daily selling pressure.
• Support at $0.18 is crucial, as RSI and MACD indicate fading momentum and possible short-term correction.

Pyth Network (PYTH) is currently trading at $0.1906, which indicates a 5.49% decline in the past 24 hours. There is a significant drop in its trading volume, which fell by 63.49% and currently stands at $837.96 million. The short-term performance of the market has slowed, indicating slower daily growth.

Source: CoinMarketCap

Nonetheless, PYTH has been showing robust growth over the week. The coin registered a 50.28% increase in the past seven days. This upward trend suggests that traders are becoming increasingly interested, despite the current declines. The weekly profit reflects strength in market sentiment.

PYTH Enters Critical Consolidation Zone

Crypto analyst Gemxbt highlighted that PYTH moved into consolidation. The chart indicated resistance at around $0.20. Support remained visible at $0.18. Analysts emphasized that the price zone will be pivotal to traders. Consolidation indicates that profit-taking balanced prior momentum. Analysts warned that any break below support can result in steeper losses.

Source: X

RSI and MACD Show Fading PYTH Momentum

The Relative Strength Index (RSI) was 63.82. Its signal line read 53.66. RSI had cooled off after overbought levels. The shift showed declining buying power. Analysts interpreted the reading as a sign of stability. There was even momentum between the sellers and buyers. Another dip can bring RSI nearer to neutral.

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Moving Average Convergence Divergence (MACD) indicated decreasing strength. The MACD line is at 0.0096. The signal line is at 0.0062. The histogram recorded 0.0158. The readings indicated decreased bullish pressure. Analysts noted that the fading strength was confirmed by the downshift in MACD. The signal was in line with reduced volumes and reduced activity.

Source: TradingView

Open Interest Down, Signaling Reduced Market Activity

According to CoinsGlass data, trading volume declined 65.27% to $2.14 billion. Open interest declined 9.48% to $177.33 million. The OI-weighted funding rate became negative at -0.0578%. These figures showed a decline in futures. There was a negative bias toward leveraged traders in the market sentiment. The fall indicated a drop in demand following swift returns.

Source: CoinGlass

PYTH experienced a temporary weakness with high weekly gains. The price direction of the $0.18 support level was critical. Bearish adjustments were confirmed through derivatives data. Traders are now observing whether PYTH will be able to protect its support area or prolong its downwards trend in the next few sessions.

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