Potential Price Targets for Pyth Network (PYTH) According to Crypto Trader
A crypto analyst has shared bullish price targets for Pyth Network (PYTH), a data aggregating service that has already seen an 85% surge since the beginning of the year. The analyst, known as Altcoin Sherpa, plans to use Fibonacci extensions to estimate profit targets and price pullbacks for PYTH. Fibonacci extensions are a technical analysis tool based on Fibonacci ratios.
PYTH has already surpassed the analyst’s initial target of $0.65 and is currently trading around $0.658. Altcoin Sherpa’s next targets for the asset are $0.6979 and then $0.767.
PYTH in Price Discovery Territory
Altcoin Sherpa recently noted that PYTH is in price discovery territory, where a coin trades at levels never seen before in its history. Coins in this territory often experience strong uptrends with no known resistance left.
Attention to Older Altcoins
The trader also suggests paying attention to older altcoins, specifically mentioning Chromia (CHR), a public blockchain platform. Altcoin Sherpa acknowledges that these older coins often undergo long accumulation patterns before they start moving significantly.
However, the trader plans to look more closely at these older altcoins in the coming days and weeks.
Image: Midjourney