Pyth Network Price Rally: PYTH Outshines Chainlink With Massive Surge
On Thursday, August 28, the price of Pyth Network broke beyond the $0.19 mark after opening the day at about $0.11 and rising nearly 70% during the day. Its market capitalization reached $1 billion for the first time since May as a result of this increase. The US Department of Commerce’s announcement that it will release official economic statistics via Chainlink and Pyth Network set off the rally. PYTH jumped 68%, significantly outperforming Chainlink’s LINK token, which climbed just over 4% until hitting resistance at $25. Notably, Mike Cahill, CEO of Pyth’s parent firm Douro Labs, was the only executive quoted in the official White House press release, signaling Pyth’s prominent role in the initiative.
The entire administration has embraced this… With today’s announcement we are now in a world where government data lives on blockchains, and market participants can participate in real time,
Cahill
RSI Signals Overheating, But Pyth Network Buyers Keep Driving the Rally
According to CoinMarketCap data, PYTH fell to a monthly low of $0.10 on August 26. Traders who purchased that drop are now sitting on gains of around 95%. On the other hand, indicating further upside potential, PYTH is trading above $0.18 at the time of writing, with intraday spot volume up 330% to $884 million. PYTH had an intraday price increase of 104.35%. An overheated market is confirmed by the RSI reading. Nevertheless, other important trading indicators indicate that buyer fatigue has not yet materialized.
Golden Cross Sparks PYTHUSD Bull Run
With the 5-day SMA crossing over the 8- and 13-day moving averages in a single session, the PYTHUSD chart below validates a golden cross breakthrough. With an RSI of 70.91, the market is getting close to overbought territory. The fact that spot volume has increased by almost 330%, however, indicates that buyers are not yet displaying signs of tiredness. PYTH bulls may gain impetus to retest the next resistance levels at $0.21 and $0.24 if they wait for a multi-day closing above $0.18. A clear close over $0.24 might pave the way for a short-term test of $0.27.
For more up-to-date crypto news, you can follow Crypto Data Space.
