PYTH Technical Analysis Feb 4

PYTH Network is stuck at the $0.05 level while critical support slips towards $0.0476; as the bearish trend maintains dominance, oversold signals on RSI keep the hope for a limited reaction rally alive.

Market Outlook and Current Situation

PYTH is trading at the $0.05 level with a 3.65% drop in the last 24 hours and is being crushed under the general crypto market’s bearish pressure. A clear downtrend dominates the daily timeframe; the price continues to stay below EMA20 ($0.06), confirming short-term weakness. Volume is stable at $21.51 million but not strong enough to support the decline, indicating that selling is not organized. The market is moving in sync with Bitcoin’s 3.53% losses, while correlation in altcoins makes PYTH even more vulnerable.

Looking at multi-timeframe (MTF) confluence, a total of 6 strong levels stand out across 1D, 3D, and 1W charts: 1 support and 3 resistances on 1D, 1 support on 3D, and a balanced distribution on 1W. This structure shows that the price tends to consolidate in the $0.0476-$0.0504 range. There is no significant catalyst in the news flow; although PYTH’s fundamental value as an oracle network remains intact, low macro risk appetite is preventing a rally. Investors can review their positions by accessing detailed data from the PYTH Spot Analysis page.

Overall market sentiment is negative; BTC’s weakness at $76,174 level dominates altcoins. PYTH’s market cap has eroded by more than 10% in recent weeks, and long/short ratios on exchanges have shifted towards shorts. In this environment, volatility is low but staying alert for sudden breakouts is essential.

Technical Analysis: Key Levels to Watch

Support Zones

The most critical support is at $0.0476 (score: 82/100), showing strong confluence on 1D and 3D timeframes. This level overlaps with previous swing lows, forming a psychological base; a break could trigger an accelerated decline towards $0.0184 (bearish target, score:22). MTF analysis confirms this zone’s validity on the 1W chart as well, meaning high long-term holding probability. As the price approaches here, it creates a scenario to test buyers; holding could signal short-term recovery.

Resistance Barriers

The first resistance is at $0.0504 (score:68/100) positioned just above, reinforced by Supertrend’s bearish signal. Above it lie $0.0556 (score:62/100) and $0.0912 (score:67/100, bullish target). These barriers are grouped as 3 strong resistances on 1D; volume increase is required for a breakout. $0.0912 coincides with the Fibonacci extension level, becoming a major target, but reaching it seems difficult in the current trend.

Momentum Indicators and Trend Strength

RSI at 35.05 is near the oversold region, increasing short-term reaction potential but may remain limited within the downtrend. MACD histogram is negative and maintaining the bearish crossover, confirming momentum in favor of sellers. EMA hierarchy is disrupted: Price is below EMA20 ($0.06), approaching EMA50 and EMA200. Supertrend gives a bearish signal and highlights $0.06 resistance.

Trend strength analysis shows ADX around 25 at medium level; downtrend is strong but not overheated. Stochastic oscillator is in the 20s, no divergence. On multiple timeframes, 1W Supertrend is bearish while 3D shows neutral signals. This mix keeps the probability of trend continuation above 60%, but the low RSI level leaves the door open for long opportunities. Tracking these indicators in futures contracts via PYTH Futures Analysis is critical for leveraged trades.

Risk Assessment and Trade Outlook

From the current $0.05, the risk/reward ratio offers 1:1.8 R/R in the bullish scenario to $0.0912, while carrying 1:3.3 risk to the bearish $0.0184. Downtrend continuation probability is high (65%), and a $0.0476 break could trigger aggressive shorts. Be prepared for a $0.0504 test if it holds; rallies without volume increase will remain weak. With low volatility, sudden BTC moves increase risk.

Outlook has bearish bias: Consolidation in the short term, $0.0476 test expected in the medium term. RSI divergence and volume explosion are required for positive surprise. Always verify data from the PYTH spot market; macro factors will be decisive.

Bitcoin Correlation

PYTH shows high correlation with BTC (0.85+); BTC’s downtrend ($76,174, -3.53%) is pressuring altcoins. BTC supports at $75,724, $72,946, and $61,211; breaks will accelerate PYTH towards $0.0476. Resistances at $77,864, $82,178, $85,464; BTC recovery could bring a $0.0556 rally to PYTH. With BTC Dominance Supertrend bearish, altcoin rally is limited; PYTH investors should prioritize BTC levels.