Date: Fri, April 25, 2025 | 07:20 AM GMT
After a brutal first quarter that saw Ethereum (ETH) drop by 45%, the crypto market is finally starting to show signs of recovery. ETH has bounced back with a 12% gain over the past week, and this has sparked renewed momentum in many altcoins as well.
One such altcoin making a strong comeback is Pyth Network (PYTH). After experiencing a heavy sell-off, PYTH has surged by nearly 20% in just over a week—cutting its year-to-date losses down to about 53%. And now, a powerful harmonic pattern is forming, hinting that the recovery may not be over just yet.
Source: Coinmarketcap
Harmonic Pattern Signals More Upside Move
On the daily chart using Heikin Ashi candles, we can clearly see a Bearish Cypher harmonic pattern shaping up. These kinds of patterns often signal a bullish continuation—usually pushing price toward a specific reversal zone.
The structure begins at point X, which was a rejection from the February 10 high near $0.2635. From there, the price plummeted to point A, then rallied to point B, followed by a sharp correction to point C, which bottomed out around $0.1057 on April 7—marking a 59% drop from X.
Pyth Network (PYTH) Daily Chart/Coinsprobe (Source: Tradingview)
Currently, the price is moving higher to form the final leg CD of the pattern. If this pattern plays out as expected, PYTH could rally to point D, located near the 78.6% Fibonacci retracement level of the X to C move—around $0.2299.
That suggests an upside potential of roughly 42% from the current price of $0.1622.
What’s Next for PYTH?
PYTH is now entering a key resistance zone. This could be a point where some traders choose to take profits—but it could also serve as a launchpad if broken convincingly.
Before hitting the final Cypher target, PYTH must overcome intermediate resistance at $0.2034, which coincides with the 0.618 Fibonacci retracement. A strong push above this level could fuel a faster rally toward $0.2299.
On the technical side, the structure remains bullish. The MACD indicator is also turning positive, indicating that upward momentum is building. As long as this structure holds, the short-term outlook for PYTH remains bright.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
