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PYTH Price Surges as Pyth Network Records 200% Increase in Volume
The market is abuzz with the news that PYTH has experienced a remarkable surge in volume, a whopping 200%, resulting in an impressive 30% gain from its all-time low of $0.08. As a result, the asset is now trading at around $0.10.
It’s essential to note that PYTH’s performance is not solely driven by market sentiment but also reflects the network’s strong fundamentals. The Pyth Network has recently implemented an upgrade called Express Relay, which enables cross-chain price feeds and supports millions of dollars in daily volume. This fundamental improvement has undoubtedly contributed to the asset’s recent surge.
The surge is also reflected in open interest data, which shows a staggering 17% increase to $50 million and derivatives volume, up by an impressive 206%. While we do not yet know whether this trend will continue, these metrics do indicate that PYTH’s momentum may be gaining traction.
Furthermore, the token’s chart reveals a clear bullish sentiment. It is trading above its 50-day simple moving average, which suggests a positive outlook for the asset in the near term. Additionally, the Relative Strength Index (RSI) has dropped slightly but remains close to the neutral zone, indicating that there may still be room for further growth without being overbought.
Finally, technical indicators are consistently supporting an upside scenario for PYTH. The Moving Average Convergence Divergence indicator is particularly noteworthy as it highlights a breakout above $0.13, which could lead buyers attempting to push the asset up towards $0.20. However, there may be resistance at $0.11 before such a move materializes.
It’s essential to note that the broader market’s trajectory will also have an impact on PYTH’s price action going forward. In conclusion, while this article is not a guarantee of future performance, it highlights the asset’s potential for continued growth in the near term.
Source: coinjournal.net
