PYTH Price Bounces Back After Announcing Integration With Gravity

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.

PYTH at Press Time

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.

Can PYTH Trigger a Breakout?

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.

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.

Social Dominance and Weighted Sentiment Data Insights

The Social Dominance data looked flat at around 0.017%, signifying a decline in the chatter among the investors on the media platforms.

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 PYTH Price Bounces Back After Announcing Integration With Gravity appeared first on The Coin Republic.