Is Pyth Network Going to Zero? PYTH Price Drops 10% Overnight as New Mining Protocol Steals the Limelight
As airdrop tokens dominate market activity, Pyth Network’s decentralized oracle token $PYTH price dropped -10% overnight, leading some concerned airdrop participants asking ‘is Pyth Network going to zero?’.
This comes amid broader market interest in airdrops following the break-out performance of modular layer-1 blockchain Celestia (TIA) – which has exploded +173% since launching earlier in Q3.
Subsequent Solana-based airdrop PYTH (orange) has battled to match TIA’s star-studded growth in recent weeks, yet, so far Pyth Network seems to be struggling to replicate TIA’s (blue) skyrocket success.
Amid the downside price action, Pyth Network is currently trading at a market price of $0.4226 (representing a 24-hour change of -1.68%).
This comes as PYTH price shifts down into the lower range of the trading channel, in a -24.5% retracement move following a tough layer of resistance at the ATH of $0.55.
However, this also comes at a time where PYTH price is showing strength, as the retracement movement finds well-defended feet above $0.40 and the 20DMA (sat at $0.41), both of which are now bolstering Pyth Network’s ongoing consolidation.
PYTH price is therefore poised for a second rally leg, with the healthy downshift cementing +46% week-on-week gains.
Meanwhile, the RSI indicator has also refrained from overheating on the recent move, with a current neutral signal at 53 leaving the door open to upside movements from here.
Bullish sentiment is matched by the MACD indicator, which is signalling minor divergence at 0.0024 as upside momentum resumes.
Overall, PYTH price looks strong here, with a well-defended consolidation foreshadowing the next upside leg, it seems likely that Pyth Network will push back up to the upper-side of the
Read more on cryptonews.com
