Vulcan Forged Token Rallies 20% Despite Bearish Technical Pattern5. Juli 2023
• Vulcan Forged’s native token PYR has been on a bull run since June 16, rallying nearly 20% to a local high of $3.385 on July 3.
• However, long upper wicks on the token’s recent daily candles highlight the bearish pressure on PYR price action and PYR coin price is forming a bearish technical pattern called Descending Triangle.
• The descending triangle is a bearish continuation setup with a falling resistance line that caps upside attempts and a flat support that prevents declines.
Vulcan Forged Native Token Rally
Vulcan Forged’s native token PYR has been on a bull run since June 16, rallying nearly 20% to a local high of $3.385 on July 3. This surge was due to partnerships like Vulcan Forged’s collaboration with social gaming platform Wasder which announced Season 16 of the ‘Wasder Pass‘ featuring Vulcan Forged’s latest game ‚Vulcan’s Creed‘.
Bearish Pressure On Price Action
Despite the bullish surge, long upper wicks on the token’s recent daily candles indicate bearish pressure on PYR price action. Moreover, its 100-day exponential moving average (EMA) proved insurmountable for Vulcan Forged bulls repeatedly rebuffing its rally since May 31.
Descending Triangle Pattern
PYR coin price has formed a bearish technical pattern known as Descending Triangle which is characterized by falling resistance line capping upside attempts and flat support preventing declines. The height of the triangle’s thickest section determines the price target in this setup which stands at -61.5%.
The relative strength index (RSI) for PYR remains neutral clocking at 57.28 on the daily charts indicating no extreme buying or selling pressure in the market currently which gives both bulls and bears an opportunity to take control of price movement going forward depending upon their respective strength .
For bullish momentum to continue, bulls would need to push past the 100-day EMA to reach resistance near $3.4 while flipping immediate resistance might help target 200-day EMA (green wave) resistance near $3.6 before downside corrections pare gains