Grayscale Launches Pyth Trust, Analysts Predict 10% Price Surge
Pyth Network (#PYTH) gained attention following Grayscale's launch of the Grayscale Pyth Trust, enabling investors to invest in its Solana-based governance token. Analyst Ali Martinez predicts a potential 10% price surge for PYTH, noting a symmetrical triangle pattern on the chart that often leads to a breakout.
- A breakout above $0.2675 indicates bullish momentum.
- A breakdown below $0.2191 signals bearish movement.
Currently, PYTH has increased over 10% in the past week, trading at $0.2342 and is 79.7% below its all-time high of $1.15. It has reclaimed the 20-day exponential moving average (EMA) at $0.23.
- Major resistance at $0.2512.
- Significant support at $0.1572.
The Relative Strength Index (RSI) is at 48.96, indicating no clear dominance between buyers and sellers. The MACD shows a bullish scenario but decreasing intensity could suggest potential bearish divergence.
Source: Ali Martinez
Source: TradingView