Analyst & Tools Are Bullish On PYTH, Can Its Price Give 2x Gains?

• 1 A new DEX has launched on Taikoxyz, which is powered by PYTH.
• 2 There is optimism surrounding the PYTH Network, as analysts expect a 2x bullish rally in the coming days.

PYTH is a main token associated with the PYTH Network which aims to decentralize and create permissionless financial data. PYTH is designed as a blockchain-based solution to common blockchain problems.

The Pyth Network has the total supply at 9.99 Billion PYTH. The PYTH Volume to market cap ratio of 24 hours is 13.47%, this signifies that the market holds a good amount of liquidity, and it would be easier to buy, and sell.

How A New DEX Launch on Taiko, Could Benefit PYTH Network?

According to Pyth Network, a new permissionless perpetual DEX powered by PYTH has been launched on Taikoxyz.

The Pyth Network, also stated that they will be supporting DTX team on their upcoming projects that they would wish to do. This would make the buying and selling more comfortable to the users, which could turn out optimistic for PYTH as well.

Analyst are Optimistic on Pyth Network!

At press time, the PYTH price has traded at $0.4883 with an intraday surge of +2.78%, with a market capitalization of $1.77 Billion. The PYTH 24-hour trading volume on all major tradeable platforms amounted to $220.73 Million.

Analyst Captain Faibik expressed optimism on X, noting that PYTH Network (PYTH) has broken out from a falling wedge on the 1-day chart. 

Faibik further highlights that the train has already left the station, as a breakout seems to be in the process. He also stated that he looks at PYTH optimistically, and expects a 2x bullish rally in the coming days.

Pyth Network Price Forecast & Indicators Displays Bullish Potential

The analysis from the tweet suggests that PYTH Network happens to be on a rally formation after breaching the wedge, and rose from its support level, staying above 20-day and approaching 50-day exponential moving averages (EMAs) to cut from below, signaling once it surpasses the dynamic hurdle of MA’s, the bullish trend could turn out to be epic.

Likewise, the MACD exhibited a bullish crossover with a growing histogram at 0.01190. The RSI indicates no overbought conditions yet, it has been above a median line at 56.51, meaning a breakout is imminent. 

Since the wedge upper boundary has been breached, and if the breakout gains its momentum, PYTH Network price could aim for higher levels, potentially reaching $0.700 and, if surpassed, could extend gains up to $1.00.

Conversely, if the price fails to break, and trades back into the pattern, then a bullish pattern would lose its significance and make it an invalid point.

Additionally, if the PYTH Network price cannot hold above the $0.3800 mark, it may face a further plunge towards the demand zone at lower levels.

Summary

The PYTH Network platform boasts a good amount of liquidity, making it easier to buy and sell. The PYTH price has traded at $0.4883 with an intraday surge of +2.78% and a market capitalization of $1.77 Billion.

There is optimism surrounding the PYTH Network, as analysts expect a 2x bullish rally in the coming days. If the breakout gains momentum, the price could aim for higher levels, potentially reaching $0.700 and even $1.00.

However, if the price fails to break out and trades back into the pattern, the bullish pattern would lose its significance. Additionally, if the PYTH Network price cannot hold above the $0.3800 mark, it may face a further plunge towards lower levels.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.