Vulcan Forged (PYR) Price Analysis: PYR Eyes Higher As Price Bounces Off Major Support

Published May 6, 2021 | Updated May 6, 2021

In Brief
  • PYR has risen over 400% in a short 30 days
  • Price has been respecting an ascending channel
  • Short term falling wedge has been spotted
Vulcan Forged PYR

Vulcan Forged (PYR) Price Analysis: PYR Eyes Higher As Price Bounces Off Major Support

  • PYR has risen over 400% in a short 30 days
  • Price has been respecting an ascending channel
  • Short term falling wedge has been spotted
Vulcan Forged (PYR) has printed a strong return for only being traded for about a month. Price has been consolidating, awaiting the next bullish push. PYR is part of the Dapp and NFT market and is a great solution for the hot topic. Alt season is in full stride and PYR shows much more potential ahead.

PYR Price Analysis: PYRWETH 4 Hr Chart

PYR Token Analysis
PYR Token chart by TradingView

There is an evident ascending price channel found that PYR has been respecting for 3 weeks. This price has just reached the bottom trend of this channel. While consolidating to the bottom, PYR managed to form a falling wedge. This is a bullish pattern and the breakout looks to be very soon. PYR must hold 0.00148 to continue a bullish uptrend.

The price is held up by the 200MA. If price can no longer hold this mark, PYR may be in danger of a -15% fall. At the time of writing price looks ready for a breakout to major resistance of 0.00175.

If this mark can hold, PYR is in position to hit last major resistance of 0.002 before ATH.

While looking at the RSI, we can see the strength managed to break over a trend line it has been stuck under for over a week. To confirm a bullish upswing, the RSI must break over the 50 mark. The Stochastic RSI tells a similar story as its on its way to overbought territory, which is where large bullish moves occur.

PYR intraday levels

  • Spot rate: 0.0015276
  • Trend: Bearish
  • Volatility: High
  • Support: 0.001484
  • Resistance: 0.001759

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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Domenic CoinGape 26 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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