Is Pyth Network Going to Zero? PYTH Price Falls 11% as This New Crypto Raises $4.5 Million
As price action continues to consolidate after the seismic launch of the Pyth Network airdrop, traders are on edge with a -11% PYTH price drop threatening technical structure, leading some panicked holders to ask ‘is Pyth Network Going to Zero?’.
Market interest in airdrops is at an all time high following the spectacular performance of modular layer-1 blockchain Celestia (TIA) – which has exploded +117% since launching earlier in Q3.
However, the Pyth airdrop has been hot on its heels, with PYTH exploding +584% following an initial sell-off when the airdrop tokens were distributed to holders.
PYTH’s recent returns (in orange) currently outperform the steady growth of TIA (in blue), and amid decreasing trading volume – traders are identifying an emerging double-bottomed support pattern bolstering market sentiment.
$PYTH #PythNetwork
Fibonacci Retracement and trend-based fib extension#Volume decreasing on 4h TF.
2times rejects 61.8 fib.
