Is It Too Late to Buy Pyth Network? PYTH Price Erupts 53% After Airdrop and This Might be The Next Crypto to Explode
Latest breakout airdrop token Pyth Network has seen PYTH price erupt +53% since trading launched on November 21, and now traders believe this could be the next token to explode – here’s why.
Airdrops have made something of 2023, breaking away from the volatile launches of crypto winter tokens like Arbitrum, recent launches such as Celestia (TIA) have undertaken impressive runs.
Pyth Network is clearly no exception, even out performing top airdrop gainer TIA, as trading opened this week – in a bullish sign of positive market sentiment behind PYTH token post-airdrop.
As PYTH price pushes up towards new heights, Pyth Network is currently trading at a market price of $0.44 (representing a 24-hour change of +6.18%).
This comes as price establishes a strong double-bottomed support above the $0.425 price level – which is emerging as a localized foothold as PYTH price takes aim at a new all-time high.
Retracement dominated the chart last night, after a new all-time high at was hit at $0.48, triggering a -14.3% retracement move.
Yet, price remains firmly ascendant with an upwards trading channel teasing the next leg as price rests atop the 20DMA for lower footing at $0.43.
With new-found gains well-defended by Pyth holders, the RSI remains with only minor bearish divergence at 61, suggesting there could be capacity for price to push up higher.
Yet, this meets with conflict from the MACD, which showcases declining rally momentum at -0.002227, as the airdrop hype dies down.
Overall, PYTH price looks healthy here, with a strong steady rally that is yet to overheat the RSI suggesting markets view current price levels positively.
This leaves PYTH price with an ongoing upside target at $0.5 (representing a potential +11.62%).
While downside risk
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