Pyth Network (PYTH) Token Rallies 57% Above Its All-Time Low (ATL) as Market Cap and Trading Volume Surge

Pyth Network token has a strong security score, resulting in 72.38. Also, the crypto ranking is #1689 and belongs to a BBB tier.

Pyth Network Token Surges 57% From ATL With 8.5% Increase in Market Cap

The Pyth Network token has seen a surge of 57% from its all-time low (ATL) with a corresponding increase of 8.5% in its market capitalization. This surge was also accompanied by a 17% rise in the token's trading volume.

Pyth Network Token Price Surges 57% From ATL With 8.5% Increase in Mcap. Image: TradingView

According to data from CoinGecko, the token was trading at $0.39 with a 26% derivatives traded volume to $104.45 Million in the last 24 hours. Open interest also advanced by 26% to $411.3 Million.

The liquidation activity of the token has seen a decline with higher short liquidations in the last few days. This indicated a shift in the trend toward bullish dominance.

PYTH Token Technical Analysis

The daily chart of PYTH showed a strong downtrend with lower lows and lower price levels. At press time, PYTH broke above the dynamic trendline that the token had respected for a long time.

A strong resistance was also seen at higher levels. If the price breaks above the same and sustains, we could see a bullish trend sustained in the long term.

EMA’s on the daily chart of PYTH were seen in a death cross, following which the price took a rejection from the 50-day EMA (press time). A golden cross could be seen if the price breaks further above the 200-day EMA.

The MACD showed neutral behavior as it was in a golden cross but still didn’t manage to break into the bullish zone. RSI broke above the 50-level and the 14-day SMA, showing a surge in bullish momentum.

PYTH Surged 57% From ATL With 8.5% Increase in Mcap

The support levels for the Pyth Network token were at $0.2360 and $0.30, followed by resistances at $0.710 and $1.150.

The Pyth Network token is the 64th largest cryptocurrency in the world with a volume/market cap ratio of 6.58%, indicating medium liquidity in the token's price.

The fully diluted market cap of the Pyth Network is $3.532 Billion, circulating supply is 3.624 Billion PYTH, total supply is 9.999 Billion PYTH, and the value of the token traded volume in the last 24 hours is $87.429 Million.

The sentiment for the token is bullish, and the price volatility of the token's price is high at 5.74%. The fear and greed index is at 69, highlighting investor greed.

The above article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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