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Pyth Network (PYTH) price targets $0.30 after 100% rally as whales step in
Crypto Trends

PYTH price risks wiping out recent gains as profit taking mounts

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Pyth Network price is down more than 11% in the past 24 hours as its token hovers around $0.16, and the market cap dips below $1 billion.

Summary

  • Pyth Network price has dropped 11% in the past 24 hours.
  • The PYTH token jumped more than 100% to a six-month high of $0.25 but is down at $0.16

The Pyth Network (PYTH) price squeeze last week stood out among top gainers as the cryptocurrency market reacted to the Department of Commerce’s move to put U.S. economic data onchain.

However, as other altcoins slip amid broader crypto pullback, PYTH is trending as one of the big losers with a double digit dump in the past 24 hours. The token has experienced a notable dip in daily volume though, with this metric down 25% as price drops from highs of $0.25 on Aug. 29 to about $0.16 on Sept. 1. 

Pyth’s market cap has also dropped below $1 billion, currently around $935 million.

PYTH price decline

While the U.S. government’s decision to tap into Pyth Network and Chainlink to distribute macroeconomic data on blockchain helped bulls explode, traders are taking profits after PYTH reached its highest price in six months.

The decline mirrors the retreat for Bitcoin (BTC) and Ethereum (ETH), with BTC price dipping below a key psychological level to hit lows of $107,300.

Pyth Network’s declines have cut weekly gains to about 41%, while the steady sell-off threatens to wipe the upside seen when price went vertical from lows of $0.11 on Aug. 28. 

Pyth Network price chart. Source: crypto.news

What next for PYTH price?

Although bulls can still target the $0.30 level they coveted as price jumped by more than 100%, analysts say the broader market’s downturn could extend into new lows in September. 

In a market outlook report on Monday, analysts at Bitfinex noted altcoins have stagnated after a recent uptick, and a dip into a cyclical floor is likely before prices explode again in the fourth quarter. 

“What is emerging is an Altcoin market cap that is stagnating, with any movement in alts signalling capital rotation rather than expansion. With ETF inflows seasonally muted and speculative excess flushed, September could mark the cyclical low point before structural drivers reassert for a Q4 recovery,” Bitifinex noted.

PYTH traded at an all-time peak of $1.20 in March, 2024.



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Pyth Network (PYTH) price targets $0.30 after 100% rally as whales step in
GameFi Guides

Pyth Network (PYTH) price targets $0.30 after 100% rally as whales step in

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PYTH  price rallied over 100% after disclosing a significant partnership with the U.S. government. Simultaneously, whales have started accumulating the token. Will this rally continue, or has it lost steam?

Summary

  • PYTH price shot up over 100% as the U.S. government selected it as an oracle partner to verify GDP data.
  • The token’s price has broken above a descending trendline it had been trading under since February.

According to data from crypto.news, Pyth Network (PYTH) soared 118% to an intraday high of $0.243 on Friday morning, Asian time, before settling at $0.227 as of press time. At this price, it stands 167% higher than its year-to-date low.

The surge occurred in a high-volume trading environment. Trading volume for PYTH token was up nearly 8,600% over the past 24 hours, which indicates strong demand from traders helped fuel its rally today.

The token also attracted strong demand from derivatives traders. Notably, open interest surged to an all-time high of $188.34 million, significantly higher than the approximately $40 million recorded the previous day. This, combined with a long/short ratio above 1, indicates that a majority of traders are positioning for further upside, reinforcing the bullish sentiment behind the rally.

As such, the market cap of Pyth Network has ballooned to over $1.3 billion, entering the top 100 crypto assets by market cap as per CoinGecko.

PYTH’s price surged after the project’s team announced that the U.S. Department of Commerce had chosen the network as one of the oracle partners to help validate and publish economic data directly on the blockchain.

Notably, this also drove renewed interest from whale investors. According to data from Nansen, the balance of PYTH tokens held by whale wallets rose 14.5% over the past 7 days, increasing from 42.97 million to 49.21 million today.

Another factor that supported the token’s gains today is the drop in balances held on exchanges. According to Nansen data, the combined balances across all exchanges currently stand at 908.75 million, down 8% compared to seven days ago.

Such a drop in exchange balances suggests that investors may be moving tokens off exchanges, reducing immediate selling pressure. With fewer tokens available for trading, this is often seen as a bullish signal, indicating growing holder confidence and a potential for continued upward price movement.

The confluence of these bullish factors could continue to improve investor sentiment, potentially leading to further price appreciation in the short term.

On the daily chart, PYTH has decisively broken out above a descending trendline that had been in place since early February, characterized by a series of lower highs and lower lows. This breakout marks a shift in market structure and suggests a potential trend reversal.

PYTH price has broken above a multi-month descending trendline on the daily chart — Aug. 29 | Source: crypto.news

Following the breakout, the price has moved above the 23.6% Fibonacci retracement level at $0.192, reinforcing the bullish outlook.

The token is now trading above all major simple moving averages, including the 50-day and 200-day SMAs, which is typically interpreted as a strong bullish signal. This alignment suggests that short- and long-term momentum are now favoring the bulls.

Additionally, the Supertrend indicator has turned green and shifted below the price level, providing further confirmation of a buy signal.

PYTH Supertrend chart — Aug. 29 | Source: crypto.news

Based on this setup, the next immediate upside target lies at $0.26. A decisive break above this level could open the door for a move toward $0.31, which aligns with the 50% Fibonacci retracement level and may serve as the next key resistance zone.

On the contrary, if the token fails to maintain support above $0.19, it could retreat toward $0.10, a level that previously acted as strong support.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



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Crypto Price Today (August 28) Market Hits $3.91T As Pyth Network Stands Out
GameFi Guides

Market Hits $3.91T as Pyth Network Stands Out

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The crypto market surged on August 28, reclaiming momentum as global capitalization climbed to $3.91 trillion after a sharp 0.92% rise in just 24 hours. Trading activity also strengthened, with daily volumes hitting $174.11 billion, up 1.75%.

The top cryptocurrency by market capitalization Bitcoin traded at $112,818 as of writing with a trading volume of $63.68 billion, having a 1.31% increase. Meanwhile, Ethereum, the second-largest player in the market, hovered around $4,585.17 but experienced a slight dip of 0.22%, even with $40.51 billion in transactions flowing through.

Reasons Behind the Market Uptick

Some of the key drivers of the market were the U.S. Strategic Bitcoin Reserve initiative which gained momentum as Trump-era policies accelerated adoption. At the same time, El Salvador’s President Nayib Bukele hinted at raising national holdings to $1 billion, further energizing Bitcoin bulls.

Besides, altcoins experienced an uptick thanks to some new capital coming in. The Altcoin Season Index shot up by 11.11%, reaching 55.6, largely fueled by Ethereum ETF inflows totaling $30.99 billion in assets under management, according to CoinRank. 

Additionally, Cronos (CRO) skyrocketed by 45% following the news about a potential Trump Media ETF inclusion, which added to more optimism in the market.

Gainers and Losers Define Momentum

Strong performers included Pyth Network (PYTH), which soared 48% to $0.1699 on $167 million volume. Cronos (CRO) followed with a 38% gain, touching $0.3426 on an eye-catching $2.54 billion turnover. Conflux, Ethena, and Raydium also posted steady rallies.

However, not all assets shared in the rise. OKB (OKB) plunged 6.33% to $163.78, while Aerodrome Finance (AERO) fell 4.42% to $1.26. Hyperliquid (HYPE), Sky (SKY), and Aave (AAVE) also faced declines, showing traders’ quick rotations.

According to the latest data from CoinMarketCap, investor sentiment was neutral today, with the Fear and Greed Index sitting at 45. 

Bitcoin is still dominating with a dominance of 57.4%, and Ethereum gas fees are staying low, which means there’s less congestion and transactions are cheaper.

Although institutional actions and altcoin spikes have kept the market moving in a bullish direction, volatility is a cause for concern.

Also Read: Crypto Trader Boosts MEXC Bounty to $2.5M Over KYC Demand



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