Gravity

2024

Pyth Network

PYTH, the native token of the Pyth Network, saw exponential growth and recovered over 20% this week. Amidst the significant developments, this token’s demands surged.
Recently, Pyth Network announced an integration with a Layer-1 omnichain blockchain, Gravity. In this respect, Gravity allows PYTH to provide feeds on coins, tokens, or commodities and stocks, ETFs, or equities.
With this promising development, PYTH price experienced a jump from its bottom mark of $0.2800. Price climbed above the 20-day EMA mark.
The token still traded in a downtrend and needed to close above the $0.4000 mark for a trend reversal. Once it goes beyond the $0.4000 mark, it might extend its bullish leg toward the $0.4600 level.
For the past few weeks, PYTH token continued to form the lower low swings and engaged in a significant retracement. Despite multiple attempts, the mighty bull army failed to cross the cluster of 50-day EMA and was still trading below it.
A tweezer bottom formed near the downside zone of $0.2700, which signifies that the downside was protected and capped. Above the 50-day EMA, a potential trend reversal could be anticipated.
<h2 class="wp-block-heading" id="h-pyth-at-press-time">PYTH at Press Time</h2>
At press time, the Pyth Network was trading at $0.356 with an intraday surge of 1.33%, reflecting neutrality on the charts. Its trading volume surged over 80% to $
The pair of PYTH/BTC was at 0.00000553 BTC, and the market cap was $533.80 Million. Analysts were neutral and suggested that the PYTH price might register a breakout. It may reach the upside mark of $0.4000 soon.
<h2 class="wp-block-heading" id="h-can-pyth-trigger-a-breakout">Can PYTH Trigger a Breakout?</h2>
The daily chart of the PYTH token spotted a falling wedge pattern, and the token anticipated a breakout soon. It was trading near the brink of the trendline hurdle of $0.3800 and could see a blast soon.
Buyers began the accumulation and were looking to stretch the pullback beyond the trajectory hurdle of $0.4000, where the 200-day EMA was placed. <iframe title="Santiment Chart: Price (PYTH), Volume (PYTH)" width="800" height="425" src="https://embed.santiment.net/chart?ps=lido-dao&amp;pt=LDO&amp;df=2024-01-25T18%3A29%3A59.887Z&amp;dt=2024-07-25T18%3A29%3A59.887Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bpyth-network%3BPYTH%5D%3B%5B1%3Bvolume_usd%3Bpyth-network%3BPYTH%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
The Relative Strength Index (RSI) curve observed a positive crossover and rose to the overbought zone, implying a renewed buying interest.
@Iwantcoinnews, in his Tweet, mentioned that PYTH has formed a positive divergence and is poised to go higher.
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24PYTH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PYTH</a> | What I see <a href="https://t.co/n7y1xcDdXi" rel="noopener noreferrer nofollow">pic.twitter.com/n7y1xcDdXi</a>— iWantCoinNews <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@iWantCoinNews) <a href="https://twitter.com/iWantCoinNews/status/1816138864458691025?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 24, 2024</a>
 </blockquote>
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<h2 class="wp-block-heading" id="h-social-dominance-and-weighted-sentiment-data-insights">Social Dominance and Weighted Sentiment Data Insights</h2>
The Social Dominance data looked flat at around 0.017%, signifying a decline in the chatter among the investors on the media platforms. <iframe title="Santiment Chart: Weighted sentiment (Total) (PYTH), Social Dominance (PYTH)" width="800" height="425" src="https://embed.santiment.net/chart?ps=lido-dao&amp;pt=LDO&amp;df=2024-01-25T18%3A29%3A59.887Z&amp;dt=2024-07-25T18%3A29%3A59.887Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsentiment_volume_consumed_total%3Bpyth-network%3BPYTH%5D%3B%5B1%3Bsocial_dominance_total%3Bpyth-network%3BPYTH%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
The Weighted sentiment data still stayed around the zero line, noted around -0.227 mark, implying a neutral stance.
Its Open Interest data rose 8.78% to $39.89 Million, which signified fresh long additions in the past 24 hours.
The immediate support levels for the PYTH token were $0.3200 and $0.3000, whereas the key upside hurdles were around $0.38000 and $0.4200.
The PYTH token price climbed above the 20-day EMA mark and was trying to overtake the 50-day EMA mark for a significant upward move. Moreover, a fresh bullish wave was triggered, and buyers were eyeing to breach the $0.400 mark.
The post <a href="https://www.thecoinrepublic.com/2024/07/26/pyth-price-bounces-back-after-announcing-integration-with-gravity/" rel="noopener noreferrer nofollow">PYTH Price Bounces Back After Announcing Integration With Gravity</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

PYTH Price Bounces Back After Announcing Integration With Gravity

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