Pyth Price joined more than 100% after having disclosed an important partnership with the United States government. Simultaneously, the whales began to accumulate the token. Will this rally continue or has it lost steam?
Summary
- Pyth Price has increased by more than 100% while the US government has selected it as an Oracle partner to verify GDP data.
- The price of the token has exceeded a descending trend line that it had been exchanging since February.
According to Crypto.News data, Pyth Network (Pyth) climbed an intra -day summit of $ 0.243 on Friday morning, Asian time, before settling at $ 0.227 from the press hour. At this price, it is 167% higher than its hollow of the year.
The push occurred in a high volume commercial environment. The commercial volume for Pyth Token has increased by almost 8,600% in the last 24 hours, which indicates that the high demand from traders has helped feed its rally today.
The token also attracted a strong demand from derivative traders. In particular, open interests reached a summit of $ 188.34 million, much higher than the approximately 40 million dollars recorded the day before. This, combined with a long / short ratio greater than 1, indicates that a majority of traders position themselves for more upwards, strengthening the bullish feeling behind the rally.
As such, the market capitalization of Pyth Network increased to more than $ 1.3 billion, entering the 100 best cryptographic assets per market capitalization in accordance with Coingecko.
The Pyth Prize jumped after the project team announced that the American Ministry of Commerce had chosen the network as one of the Oracle partners to help validate and publish economic data directly on the blockchain.
In particular, this has also aroused a renewed interest in whale investors. According to Nansen data, the balance of Pyth tokens held by whale wallets has increased by 14.5% in the last 7 days, from 42.97 million to 49.21 million today.
Another factor that has supported the gains in the token today is the drop in sales maintained on trade. According to Nansen Data, the sales combined in all exchanges are currently 908.75 million, down 8% against seven days ago.
Such a drop in exchange sales suggests that investors can move exchanges tokens, reducing immediate sales pressure. With fewer tokens available for trading, this is often considered as a bullish signal, indicating an increasing confidence of holders and continuous prices of prices upwards.
The confluence of these bull factors could continue to improve the feeling of investors, which results in an additional assessment of short -term prices.
On the daily graphic, Pyth has decisively died above a descending trend line that has been in place since early February, characterized by a series of lower ups and lower stockings. This escape marks a change in market structure and suggests an inversion of potential trend.
After the escape, the price exceeded the level of Fibonacci retracement of 23.6% to $ 0.192, strengthening the upward perspectives.
The token is now negotiated above all simple mobile averages, including SMAS of 50 days and 200 days, which is generally interpreted as a strong bull signal. This alignment suggests that short and long -term momentum now promotes bulls.
In addition, the Supertrend indicator has become green and moved below the price level, providing additional confirmation of a purchase signal.
Based on this configuration, the next immediate target is at $ 0.26. A decisive rupture above this level could open the door to a movement around $ 0.31, which aligns with the Fibonacci trace level at 50% and can be used as a resistance to the next key.
On the contrary, if the token fails to maintain the support greater than $ 0.19, it could withdraw around $ 0.10, a level which previously acted as strong support.
Disclosure: This article does not represent investment advice. The content and equipment presented on this page are only for educational purposes.
