- PYTH token had less than 36% of its total supply in circulation.
- Pyth Network price was trading in green for 15 days in the last 30 days.
In terms of market behavior, the Pyth Network token has experienced significant fluctuations. Despite a 6.91% increase in market cap over the past 24 hours, the trading volume saw a sharp decline of 20.6%. This decrease in trading volume indicates a drop in demand for the token.
Investor sentiment towards the Pyth Network token has been bearish, with the fear and greed index at 29, indicating prevalent investor fear. Additionally, the token’s price volatility is notably high, marked at 11.6%.
The Pyth Network token, ranked #1689 in the crypto market, holds a BBB tier rating with a strong security score of 72.38, as reported by Chain Broker. This data is certified by Certik Skynet, ensuring its reliability.
The fully diluted market cap of Pyth Network stands at $2.78 billion. The circulating supply is 3.624 billion PYTH tokens out of a total supply of 9.999 billion PYTH. In the last 24 hours, the token’s traded volume amounted to $61.545 Million, highlighting its medium liquidity with a volume/market cap ratio of 6.01%.
At press time, the Pyth Network was recognized as the 60th largest cryptocurrency in the global market. Its recent performance metrics suggest a decline in demand and significant market volatility.
Pyth Network Derivatives Data Analysis
The value of the derivatives traded volume for the token has declined by 23% to $83.14 Million in the last 24 hours from press time. Despite this, the Open interest advanced by 5.3%.
The liquidation chart indicates a decrease in token liquidation activity. Additionally, there has been a notable increase in short liquidations over the past few days, which suggested a shift towards bullish dominance in the market.
PYTH Token Technical Analysis
The daily chart of PYTH reveals a pronounced downtrend, which has driven the token’s price to new lows, followed by a series of lower low swings. This consistent decline reflects the market’s bearish sentiment towards PYTH over an extended period.
However, at press time, a notable development had occurred. PYTH managed to break above the dynamic trendline that it had adhered to for a significant duration. This breach of the trendline marks a potential shift in market dynamics, suggesting a possible reversal of the ongoing downtrend.
Despite this upward movement, strong resistance has been encountered at higher levels. If PYTH’s price successfully breaks above this resistance and sustains its position, it could signal the onset of a long-term bullish trend. Such a development would be a significant indicator of changing market sentiment and could lead to sustained positive momentum for PYTH in the future.
Pyth Network Price Technical Indicator Analysis
The daily chart of PYTH reveals that the Exponential Moving Averages (EMAs) are currently exhibiting a death cross pattern.
Following this, the price faced rejection at the 50-day EMA as of press time. A potential bullish scenario could emerge if the price manages to break above the 200-day EMA, potentially forming a golden cross.
PYTH/USD Chart by TradingView
In terms of momentum indicators, the MACD displayed neutral to bearish behavior. Its metrics traded in a death cross pattern and also bearish histograms were formed on the chart.
The RSI further declined to the oversold zone and lost below the 14-day SMA show which showed a decline in price momentum. The support levels for PYTH were $0.250 and $0.280, followed by the resistances of $0.710 and $1.150.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.