Vulcan Forged PYR price traded at $3.84, at press time, noting 8.21% losses over the last 24 hours. With technicals looking bleak, is the PYR coin prepping for another sell-off?
PYR price maintained its bearish outlook presenting high sell-side pressure and consecutive losses. Even though the PYR price is already down by close to 15% in the last four days, on-chain metrics and technicals present that there could be more pain for Vulcan Forged 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 acts as the in-game currency for a few play-to-earn games, like Block Babies, VulcanVerse, and Beserk.
Vulcan Forged PYR price formed a double-top pattern leading to a bearish overturn and a 15% pullback. The $4.50 price level has acted as a strong resistance level in PYR price trajectory over the last two weeks.
PYR relative strength index (RSI) on a one-day chart presented signs of a major sell-off as selling pressure put bears at an advantage. Vulcan Forged PYR price next support level, if sell-offs extend, could fall at $3.75 and then the lower $3.30 mark.
Where Are PYR Holders?
The total number of PYR addresses was around 3,636, as the top 10 holders held 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 smaller PYR fish only held 1.33% of the supply.
While the PYR supply seemed largely concentrated, it was evident that the top 10 holders have started selling since Sept-mid.
In addition to that, there was a sudden spike in Age Consumed, which meant that older coins were getting moved. The last time this happened, Vulcan Forged PYR price noted a major pullback, but whether a similar situation occurs again is yet to be seen.
The supply held by top addresses also saw a drop on Oct. 16, as the daily active addresses saw no major spike.
The daily on-chain transaction volume in profit for Vulcan Forged PYR also noted a downtick falling from 331.24K to 85K within a day.
For now, while a bearish outcome seemed more plausible for PYR price, in case of an invalidation, a relief rally to the $4.50 resistance mark could take place.
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