- PYTH price has seen a significant 20% increase this week and a 35% rise this month.
- Bitcoin’s rise and OIS development have contributed to PYTH’s price increase.
- The derivatives market and increased social presence for PYTH shows strong bullish sentiment.
When writing, PYTH crypto experienced a notable 20% increase this week and a 35% rise this month, emerging from its demand zone. This strong momentum has propelled PYTH price close to the 200-day EMA band, effortlessly surpassing the 20-day and 50-day EMA bands.
PYTH’s price has attracted significant attention with a 5% intraday surge, pushing its value above $0.30 to $0.3277. This spike was driven by Bitcoin’s recent rise past $64,000 and the latest OIS development, making PYTH one of the day’s top gainers.
Read on to discover whether PYTH’s price will continue its upward trajectory or if it will consolidate within a range.
What Do PYTH Price Spot Numbers Tell Us?
In the last 24 hours, PYTH crypto displayed a 5% increase in market value and an 80% surge in trading volume, according to CoinMarketCap.
Its market value stands at $1.185 Billion, with a trading volume of $36.07 Million. The ratio between these figures is 3%, indicating lower liquidity in the asset. Despite this, the gradual price increase suggests that demand for PYTH is on the rise.
PYTH Crypto’s Derivative Market Walkthrough
According to Coinglass, PYTH crypto‘s OI-weighted funding rates have risen to a positive 0.0076%, indicating growing market optimism. Traders are increasingly betting on the potential for PYTH’s price to climb.
Similarly, PYTH’s open interest has surged to $38.33 Million, a 12.36% increase from the previous session. The 24-hour long/short ratio is at 0.9928, showing more short positions than long ones.
Intraday’s derivatives volume has jumped by 89.79%, reaching a total traded value of $39.82 Million. This surge reflects the rising demand for PYTH crypto in the derivatives market.
Moreover, $60.92K worth of short positions were opened, while $20.44K in long positions were liquidated intraday. This scenario suggests a positive market outlook for PYTH.
These metrics underscore a strong bullish sentiment for PYTH, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations indicate that PYTH’s price could continue to rise.
PYTH Network’s Security, GitHub & X Data Indicates Optimsim
PYTH crypto has a robust presence on X (formerly Twitter), with its account being active for 3 years and 5 months and amassing 234.6K followers. In just one day, it gained 239 new followers, reflecting a steady growth trend over the past month. This underscores PYTH’s established position within the crypto community.
On GitHub, PYTH has been active for over 3 years and 9 months, earning 398 stars from developers. The project boasts a security score of 91.33 and holds an AA tier security class rating.
Overall, both development activity and social dominance are on the rise. This growing social presence could positively influence PYTH’s price, as increased user engagement may drive demand and boost the value of PYTH crypto.
What Was the Recent Update in PYTH Network?
The Pyth Network has launched Oracle Integrity Staking (OIS), introducing decentralized staking to its ecosystem. This feature allows PYTH token holders and data providers to stake their tokens. By doing so, they can earn rewards based on the quality of the data they provide.
To maintain data reliability, the system includes a slashing mechanism that penalizes contributors for supplying inaccurate data. This setup ensures accountability for both stakers and publishers, fostering a trustworthy network.
Is PYTH Price Heading For a Recovery
From a technical perspective, PYTH’s price has moved above the 20-day and 50-day EMAs, indicating a short-term positive outlook. However, to fully transition to a bullish trend, it must overcome the 200-day EMA hurdle. Currently, the price is 19% below the 200-day EMA. If the bulls gain momentum, this could reverse the bearish trend.
The daily chart shows growing bullish activity, but confidence will solidify only after a successful change of character (choCh) above the $0.4100 level. Breaking and sustaining above this level could confirm a positive trend shift, allowing PYTH price to aim for higher levels. However, strong bullish support at lower levels is still necessary.
Per PYTH price prediction, the resistance levels for a bullish move are at $0.4100 and $0.5000. If bullish momentum falters, the demand zone will act as support, and consolidation may continue.
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.
