PYTH Gearing Up for 10% Surge, Analyst Claims

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PYTH: Will it Go Up or Down? 🤔

PYTH Gearing Up for 10% Surge, Analyst Claims

Pyth Network

PYTH
$0.23

24h volatility:
5.8%

Market cap:
$829.82 M

Vol. 24h:
$54.85 M

soared to popularity recently when leading digital asset management firm Grayscale announced the debut of the Grayscale Pyth Trust, an investment product that will allow investors to increase exposure to the Solana-based governance token of the rapidly growing first-party oracle network. Meanwhile, a bullish prediction for the altcoin has been made by analyst Ali Martinez. You know, the kind of prediction that makes you want to throw your money at the screen and hope for the best 💸😂!

In a chart post on social media platform X, Martinez highlighted that PYTH is gearing up for a 10% price surge in the coming days. As per the analyst’s data, the altcoin has formed a symmetrical triangle pattern. This pattern typically forms as a continuation pattern, but it can also signal a breakout in either direction depending on volume and momentum. It’s like a crypto seesaw, you never know which way it’ll go! 😵‍💫

Since the price is nearing the apex of the triangle, a breakout is imminent. A breakout above the upper trendline signals bullish momentum, whereas a breakdown below the lower trendline is bearish. In case of a bullish breakout, the target is $0.2675, while in case of a crash, the target is set at $0.2191. Yikes! Hope it’s the former, not the latter! 😅

Source: Ali Martinez

Reclaiming 20-day EMA

While the broader crypto market has remained bearish in the past week, the PYTH token has soared by more than 10% in the last seven days, claiming a price tag of $0.2342 at the time of writing, CoinMarketCap data shows. The altcoin is trading at a discount of 79.7% to its all-time high of $1.15 seen over a year ago and has successfully reclaimed the 20-day exponential moving average (EMA), which stands at $0.23, in the past 24 hours. It’s like it’s trying to shake off the cobwebs! 👻

The 20-day EMA stood as a major resistance for the PYTH token’s price action. In the near future, investors can expect the altcoin to retest this price level as

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2025-02-24 12:25