Key Takeaways:
- Vulcan Forged PYR token has surged 40% in a day.
- The rise coincides with transactions flowing from Uniswap to Binance wallets.
- These transfers have raised the token’s correction prospects, an outlook other factors support.
YEREVAN (CoinChapter.com) — Vulcan Forged PYR token’s price has jumped nearly 40% since Sep. 3, outperforming top crypto rivals like Bitcoin (BTC) and Ethereum (ETH).
As of Sep. 4, PYR was trading for as high as $4.60, about 70% higher when measured from its local low of $2.76 in June 2023. The broader rebound started after similar bullish retracements elsewhere in the crypto market. Nonetheless, PYR started witnessing a distinctive increase in demand across the past 24 hours.
What’s Pumping Vulcan Forged PYR Price?
The hour in which the Vulcan Forged PYR token price started rallying did not coincide with any major event or announcement, barring the project’s announcement that they’ll be attending a blockchain conference in South Korea.
However, on Sep. 4, Vulcan Forged’s official X handle noted that they had been burning LAVA, their play-to-earn platform’s reward token.
Typically, Vulcan Forged players sell their LAVA earnings for PYR within the platform. This factor may have boosted PYR’s upside prospects across the crypto exchanges operating outside the Vulcan Forged purview, as shown in the rise in the token’s real volumes.
Etherscan data shows four transactions involved in transferring 1,375.66 PYR tokens from Uniswap to Binance. That explains the spike in the Vulcan Forged trading volumes since Sep. 3.
And, given the PYR price rally in the last 24 hours, one can assume that the transfers have not been converted to sales yet. However, at the same time, these transfers raise PYR’s risks of facing massive dumps ahead.
PYR Token Price Analysis
From a technical standpoint, PYR faces downside risks after testing a resistance level near $4.60 that preceded a 38% decline.
As of Sep. 4, the PYR price has reversed after testing the resistance level, partly due to its overbought relative strength index (RSI), now above 70. Should the price continue correcting, the next downside target appears near $3.97 — the 0.618 Fib retracement line — in the coming days.
Further selloffs bring $3.77, $3.63, and $3.29 as the next downside targets in September 2023.
Conversely, a break above $4.22 could have the Vulcan Forged PYR token price eye $4.60 as their next upside target in September. That is up 8% from the current price levels.
