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Highlights
- The Pyth token listing on Upbit and Bithumb should pour a notable inflow of investment in this asset.
- The $0.648 horizontal level stands as immediate support for buyers.
- The intraday trading volume in Pyth Network is $614.4 Billion, indicating a 990% gain.
Pyth Network Price: Amid the renewed buying interest in the crypto market, the Pyth Network coin managed to rebound the local support of $0.523. The positive turnaround has surged the coin price by 36.5% in just four days to currently trade at $0.71. Along with broader market sentiment, this recovery can be attributed to collaboration with open-source, proof-of-stake public ledger Hedera and listing on South Korean cryptocurrency exchanges.
Also Read: Can These 5 Crypto To Buy Hit $1 Billion Market Cap In Q1 2024?
Pyth Network Price Hits a New All-Time-High of $0.818
PYTH, the native token of Oracle network Pyth entered a stable recovery momentum in early January when the price rebounded from the $0.23 support. Within two months, the asset value surged 260% and the market hit a new All-Time High at $0.818.
Along with the broader bullish trend, a high-momentum rally in PYTH is likely linked to a strategic partnership with Hedera and listing announcements on South Korean cryptocurrency exchanges, Upbit and Bithumb.
In a significant development for the decentralized finance (DeFi) sector, Pyth Network has announced the integration of its price feeds with the Hedera network, offering developers access to over 400 financial data feeds. This collaboration marks a pivotal step towards enhancing smart contract applications by providing reliable, real-time financial information.
Developers on Hedera can now seamlessly incorporate these feeds into their projects, paving the way for innovative DLT-powered financial services. This move is set to empower the DeFi community, enabling builders to leverage high-fidelity market data for a wide range of applications.
Today, we are excited to reveal a partnership with the @HBAR_foundation to bring all 400+ Pyth Price Feeds to @hedera 🔮
HLiquity is the first DeFi application on Hedera to be Powered by Pyth.
Learn more about this launch below:
ℹ️ About the HBAR Foundation
The HBAR… pic.twitter.com/dRbFRwgpBG
— Pyth Network 🔮 (@PythNetwork) February 26, 2024
Also Read: Crypto Prices Today: Bitcoin Nears $56K, Ethereum Above 3,200 As PEPE Rallies 52%
Constructive Pullback Hints Rally Beyond $0.8
The PYTH price managed to rebound from the last correction trend above the 38.2% Fibonacci retracement level. Such pullbacks are considered healthy for an asset as they indicate the revival of exhausted bullish momentum for a higher rally.
With an intraday gain of 20%, the PYTH price provided a decisive breakout from this last swing high resistance of $0.684. As per the Fibonacci extension tool, the post-breakout rally may prolong the ongoing rally to $0.8, followed by $0.98.
Technical Indicator
- Average Directional Index: The ADX slope wavering at a high of 38% indicates the buyers would need further pullbacks to maintain momentum.
- Exponential Moving Average: The fast-moving 20 EMA slope may act as the first line of defense in case of potential pullbacks.
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