Key Notes
- PYTH token is gearing up for a 10% price surge, claims analyst Ali Martinez while highlighting that it has formed a symmetrical triangle.
- PYTH has soared more than 10% in the past week alone, claiming a position in the top 100 tokens on CoinMarketCap.
- Grayscale recently announced the debut of the Grayscale PYTH Trust which will be focused on the altcoin's price action.
Pyth Network PYTH $0.23 24h volatility: 4.3% Market cap: $836.40 M Vol. 24h: $59.13 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.
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.
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.
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.
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 support and aim for higher prices. Another major resistance for the PYTH token stands at $0.2512, while a massive support level is present at $0.1572.
PYTH Price Analysis
The daily chart for PYTH token provided by TradingView below shows that the Relative Strength Index (RSI) reads a value of 48.96, hovering near the neutral 50 level. This suggests that there is no clear bullish or bearish dominance. The gradient of the line suggests that sellers are attempting a takeover.
Source: TradingView
The MACD indicator shows that the MACD line (blue) is above the signal line (orange), which is a bullish scenario. Also, the histogram shows positive bars, suggesting increasing bullish momentum. However, the intensity of the bars is decreasing suggesting increased chances of a bearish divergence.
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