- PYR’s descending wedge pattern signals a strong buildup for a breakout, potentially pushing prices up by over 20% in the near term.
- The critical support zone around 0.92 to 0.98 USDT has proven resilient, showing solid buyer interest that strengthens PYR’s price floor.
- A longer-term descending triangle hints at a major upside if the resistance breaks, with a potential rally doubling PYR’s value to $2.00.
Vulcan Forged (PYR) is eyeing a critical breakout as it tests a key descending trendline near $1.02. With a steady 1.79% gain in the last 24 hours and a 7-day rise close to 3%, traders are watching closely for a confirmed move that could spark a notable rally.
Technical Patterns Suggest Potential Breakout
World Of Charts observed that PYR is forming a descending wedge on the 4-hour Binance chart. This wedge signals a bullish reversal with price compressing within two converging trendlines. The breakout attempt above the upper trendline has appeared, which supports this view. The support zone between $0.92 and $0.98 has held firmly, adding buying strength.
If the breakout confirms, the price could rise approximately 22% to $1.25. This target is derived from the widest section of the wedge. Traders need to confirm the breakout with volume to avoid false signals. Falling back inside the wedge or below support may continue the bearish trend.
Longer-Term Triangle Pattern Points to Larger Move
PYR forms a descending triangle with a horizontal support near $0.80. This pattern often signals consolidation, which may precede a breakout. A breakout above the resistance line could project a price increase of around 110%, nearly doubling to $2.00.
This target is calculated by measuring the triangle’s height and projecting upward. Traders should observe volume trends for a credible breakout. Losing support could lead to further declines.
Market Activity Reflects Mixed Sentiment
A recent 24-hour chart shows market activity dropping early on, then rising sharply around midday. After hitting a peak near 5 PM, the value dropped quickly, likely due to profit-taking, but buyers stepped back in with a small recovery. On the 4-hour chart, the price is moving between $0.95 and $1.10, showing some stability. The MACD indicator recently gave a bullish signal, but trading volume is still low. The RSI is around 52, meaning the market is balanced and waiting for a clear move.
