Is Pyth Network Going to Zero? PYTH Price Drops 10% Overnight as New Mining Protocol Steals the Limelight
Amidst the dominance of airdrop tokens in the market, the price of Pyth Network’s decentralized oracle token $PYTH has dropped by 10% overnight. This has led some concerned airdrop participants to question whether Pyth Network is heading towards zero. A recent breakout performance by Celestia (TIA), a modular layer-1 blockchain, has sparked broader market interest in airdrops. Since its launch earlier in Q3, TIA has experienced an explosive 173% increase. However, Pyth Network, which is based on Solana, has struggled to replicate TIA’s success and is facing challenges in matching its growth.
PYTH Price Analysis: Is Pyth Network Going to Zero as Pyth Price Falls -10% Overnight?
Currently trading at a market price of $0.4226 with a 24-hour change of -1.68%, Pyth Network’s price has fallen into the lower range of the trading channel. It has undergone a retracement of -24.5% after encountering resistance at its all-time high (ATH) of $0.55. Despite this, Pyth Network’s price is showing strength as it finds support above $0.40 and the 20DMA at $0.41. The RSI indicator suggests neutral sentiment at 53, allowing for potential upside movements. The MACD indicator also signals minor divergence as upside momentum resumes. Overall, the well-defended consolidation indicates that Pyth Network may push back up to the upper side of the trading channel, with an upside target at higher support around $0.47.
PYTH Price Retracement Alternative? Don’t Miss Bitcoin Minetrix Presale As Almost $4.5M Raised
Bitcoin Minetrix, an innovative Bitcoin mining platform, has raised over $4.5 million in its presale. It offers a stake-to-mine system with a staking APY of 141%. This allows users to buy, stake, and accumulate rewards in a transparent manner. With Bitcoin Minetrix, the barriers of heavy initial capital and complex mining contracts are eliminated, making passive income in the crypto world more accessible. By leveraging secure and transparent decentralized cloud mining on the Ethereum blockchain, Bitcoin Minetrix aims to decentralize Bitcoin mining and provide a profitable opportunity for retail investors.
Bitcoin Minetrix Smashes $4.48M Raised as Traders Rally Against Bitcoin Mining Centralization
Bitcoin mining has experienced significant growth since the 2021 Bull Run, reaching an all-time high hash rate of 456.6 Exahashes per second (EH/S). This growth is driven by large-scale operations such as Marathon Digital and Riot Platforms. However, the increasing centralization of mining power poses a challenge to Bitcoin’s decentralization. Currently, two mining pools receive over 55% of all block rewards, highlighting the issue of mining centralization. The heightened network activity and difficulty rate make it harder for individual participants to engage in profitable Bitcoin mining. To address this challenge, Bitcoin Minetrix offers a secure and transparent solution for retail investors through its decentralized cloud mining approach.
Key Highlights of the BTCMTX Advantage Over PYTH Price Retracement:
- Distinctive Edge in the Market: Bitcoin Minetrix stands out among cloud mining platforms by offering an automated system for cloud-based Bitcoin mining.
- Safety First with Ethereum Blockchain: Operating on the Ethereum blockchain ensures top-notch security and reliability, protecting users from risks associated with external mining pools and fraudulent cloud mining services.
- Championing True Decentral
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