Key Takeaways:
- Vulcan Forged native token rallied nearly 20% since June 16.
- However, PYR price has formed a bearish technical pattern.
NEW DELHI (CoinChapter.com) — NFT game studio 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.
The token’s rally took bullish cues from recent partnerships like Vulcan Forged’s collaboration with social gaming platform Wasder. The game announced that Season 16 of the ‘Wasder Pass‘ would feature Vulcan Forged’s latest game, ‘Vulcan’s Creed.’
Vulcan’s Creed is a “first-person 3D wave-based Greco-Roman-themed game,” according to the announcement. The developers claim the game experience combines action, strategy, and skill elements.
Meanwhile, PYR coin price started July positively, spiking 9.2% from July 1’s low of $3.1. However, the token’s 100-day EMA (blue wave) remained insurmountable for Vulcan Forged bulls, repeatedly rebuffing PYR price rally since May 31.
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Moreover, long upper wicks on the token’s recent daily candles highlight the bearish pressure on PYR price action. Should the Vulcan Forged token’s current rally falter, PYR price might drop to the 50-day EMA (purple) support near $3.24.
Failure of the EMA support might result in the token price testing support near $3 before recovering.
Conversely, for the rally to continue, bulls would need to push PYR coin price above the 100-day EMA to reach the resistance near $3.4. Furthermore, flipping the immediate resistance might help PYR price target the 200-day EMA (green wave) resistance near $3.6 before downside corrections pare gains.
The RSI for PYR remained neutral, clocking at 57.28 on the daily charts.
PYR Price Moving Inside Bearish Pattern
A bearish cue against the token comes from PYR coin price forming a bearish technical pattern called the ‘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. The height of the triangle’s thickest section determines the price target in a descending triangle setup.
If the triangle pattern pans out, PYR coin price might drop to an all-time low of $1.27, losing over 61% in value from its current levels. However, volumes for the token remain muted, suggesting that PYR price might continue consolidating within the pattern before deciding on breaking out or invalidating it.
