This article discusses the recent price surge of PYTH following its integration with the Gravity blockchain and analyzes its market performance and future potential.
Points
- PYTH’s price surged over 20% following integration with Gravity.
- Technical analysis of PYTH’s price movements and potential trend reversals.
- Market data on PYTH’s current trading status and support/resistance levels.
- Insights from analysts on PYTH’s future price trajectory.
PYTH Price Analysis
Recent Price Surge
PYTH, the native token of the Pyth Network, experienced a significant price recovery, jumping over 20% following its integration with the Layer-1 omnichain blockchain, Gravity. This integration allows PYTH to provide feeds on various assets, including coins, tokens, commodities, stocks, ETFs, and equities.
Current Market Performance
At press time, PYTH was trading at $0.356 with a 1.33% intraday surge, reflecting neutrality on the charts. Its trading volume increased by over 80%. The pair of PYTH/BTC was at 0.00000553 BTC, with a market cap of $533.80 million. Analysts suggest that PYTH might register a breakout soon, potentially reaching the $0.4000 mark.
Technical Indicators
The daily chart shows a falling wedge pattern, indicating a potential breakout. PYTH is trading near the trendline hurdle of $0.3800 and could see a significant upward move. The Relative Strength Index （RSI） has observed a positive crossover, rising to the overbought zone, indicating renewed buying interest.
Future Outlook
If PYTH closes above the $0.4000 mark, it might extend its bullish momentum toward the $0.4600 level. Immediate support levels are at $0.3200 and $0.3000, while key resistance levels are around $0.3800 and $0.4200.
Social Dominance and Sentiment Data
Social Dominance
The Social Dominance data for PYTH is flat at around 0.017%, indicating a decline in investor chatter on social media platforms.
Weighted Sentiment
The weighted sentiment data remains neutral at around -0.227, suggesting a balanced stance among investors. However, the Open Interest data rose by 8.78% to $39.89 million, indicating fresh long additions in the past 24 hours.
Can PYTH Trigger a Breakout?
PYTH’s price climbed above the 20-day EMA mark and is trying to overtake the 50-day EMA mark for a significant upward move. A fresh bullish wave has been triggered, with buyers eyeing to breach the $0.4000 mark.