PYR/USDT Breakout Alert: Eyeing a Bullish Surge to $4.20
This chart illustrates the price action of PYR/USDT on an 8-hour timeframe, showing a clear descending channel pattern with a potential bullish breakout setup.
Key Features:
Descending Channel: The price has been consolidating within a downward-sloping channel, bounded by the red (resistance) and green (support) trendlines.
Resistance Break Potential: The price is approaching the red descending trendline, with increased likelihood of a breakout towards the upside.
Target Zone: If the price breaks the red resistance line, the target area lies between $4.00–$4.20, marked by the gray box, which is a significant previous horizontal resistance zone.
Bullish Scenario:
A breakout above the red trendline could trigger buying momentum.
Initial resistance at $4.00 may be tested, with the potential for continuation toward $4.20.
The breakout is supported by a tight consolidation, suggesting reduced selling pressure.
Bearish Scenario:
Failure to break the red resistance may result in a return to test the lower boundary near $2.50–$2.40.
NFA, DYOR!
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