Pyth Network Price Surges by 36.5% in Four Days
The price of Pyth Network (PYTH) has experienced a significant increase, rising by 36.5% in just four days. The coin’s value has rebounded from the local support level of $0.523 and is currently trading at $0.71. This positive turnaround can be attributed to the overall market sentiment as well as recent collaborations with Hedera, an open-source proof-of-stake public ledger, and its listing on South Korean cryptocurrency exchanges.
Pyth Network Price Reaches New All-Time High of $0.818
The native token of Oracle network Pyth, known as PYTH, has been on a stable recovery momentum since early January. It started with a rebound from the $0.23 support level and within two months, the price surged by 260%, reaching a new all-time high at $0.818.
This impressive rally in PYTH can be attributed to the broader bullish trend in the market as well as strategic partnerships with Hedera and listing announcements on South Korean cryptocurrency exchanges like Upbit and Bithumb.
Integration with Hedera Enhances DeFi Sector
In a significant development for the decentralized finance (DeFi) sector, Pyth Network has announced its integration with the Hedera network. This integration allows developers to access over 400 financial data feeds provided by Pyth Network’s price feeds. The collaboration aims to enhance smart contract applications by providing reliable and real-time financial information.
Developers on Hedera can now easily incorporate Pyth Network’s price feeds into their projects, enabling them to create innovative decentralized finance services. This integration is expected to empower the DeFi community by providing high-quality market data for various applications.
Constructive Pullback Indicates Potential Rally Beyond $0.8
The recent pullback in the PYTH price has been viewed as a constructive sign for a potential rally. The price managed to rebound from above the 38.2% Fibonacci retracement level, indicating a revival of bullish momentum.
With a gain of 20% in a single day, the PYTH price broke through the previous swing high resistance level of $0.684. Based on the Fibonacci extension tool, this breakout suggests that the ongoing rally may continue towards $0.8 and potentially even reach $0.98.
Technical Indicators
- Average Directional Index (ADX): The ADX slope is currently at a high of 38%, indicating that buyers may require further pullbacks to maintain momentum.
- Exponential Moving Average (EMA): The fast-moving 20 EMA slope could act as the first line of defense in case of potential pullbacks.
Hot Take: Pyth Network Price Continues to Rise
The price of Pyth Network (PYTH) continues to climb, driven by positive market sentiment and strategic collaborations. With a recent surge of 36.5% in just four days, the coin’s value has reached $0.71. The integration with Hedera and listing on South Korean cryptocurrency exchanges have contributed to this upward momentum.
Furthermore, the recent pullback and breakout above resistance levels indicate the potential for further gains. Technical indicators such as the ADX and EMA support this bullish outlook. As PYTH aims to enhance DeFi applications through its price feeds, it is positioned to play a significant role in the decentralized finance sector.
Overall, if you’re a crypto enthusiast, it may be worth keeping an eye on Pyth Network as it continues to make strides in the market and collaborate with industry leaders.
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