Vulcan Forged PYR price traded at $3.84, As of press time, there has been a loss of 8.21% in the last 24 hours. With technicals looking weak, is PYR Coin preparing for another selloff?
PYR price maintained its bearish outlook, presenting high selling pressure and continuing losses. Even though the price of PYR has already dropped by about 15% over the past four days, on-chain metrics and technicals exist that could cause more pain for Vulkan counterfeit token holders and investors.
Vulcan Forged PYR Price Prediction: Bearish Blues Await
PYR is the native token of Vulcan Forged – a marketplace for non-fungible tokens (NFTs). It also serves as the in-game currency for some play-to-earn games, such as Block Babies, Vulcanverse, and Bespoke.
Vulcan Forged PYR price formed a double-top pattern that triggered a bearish reversal and a 15% pullback. The $4.50 price level has acted as a strong resistance level in the PYR price trajectory over the past two weeks.
The PYR Relative Strength Index (RSI) on the one-day chart showed signs of a selloff as selling pressure turned the bears’ advantage. If the selloff extends, the next support level for the Vulcan Forged PYR is likely to drop to $3.75 and then to the $3.30 low.
Where are the PYR holders?
The total number of PYR addresses was approximately 3,636, as the top 10 holders accounted for 92.57%. The top 20 PYR holders held 96.44%, while the top 50 holders held 98.1% and the top 100 holders 98.67%. This meant that the smaller PYR fish held only 1.33% of the supply.
While the PYR supply was largely concentrated, it was clear that the top 10 holders have started selling from mid-September.
In addition, there was a sudden increase in age consumption, which meant that older coins were being transferred. The last time this happened, there was a major reduction in the price of the Vulcan Forged PYR, but whether a similar situation occurs again remains to be seen.
Supply held by top addresses also saw a drop on 16 October, as no major increase was seen in daily active addresses.
The daily on-chain trading volume in Vulcan Forged PYR gains also fell from 331.24K to 85K within a day.
For now, while a bearish outcome for PYR price looked more plausible, in case of invalidation, there could be a relief rally at the $4.50 resistance level.
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