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Pyth Network’s price surged 20% in the last 24 hours to $0.49 at 4:30 AM EST as trading volume skyrocketed 180% to $214.8 million.
One of the drivers behind the sudden surge might be an expected listing on Binance, while another is simply the hype regarding what the Pyth Network is — the largest and fastest-growing first-party oracle network that delivers real-time market data to dApps on over 40 blockchains.
Pyth Network Price Prognosis
While Pyth Network’s price did see strong progression in the last 24 hours, traders and investors are interested in how much further it can go, if at all. According to the project’s chart, it is not too far away from its ATH of $0.65, achieved on November 20, 2023.
With a strong push, it would not be impossible for PYTH to reach that price again, and exceed it. Its Bollinger bands are certainly one of the most bullish signals at this time, as they saw massive widening in the last 24 hours. The token’s price is also currently much closer to the upper band.
On the other hand, the token’s Relative Strength Index (RSI) level shows that it recently ventured deep into the oversold zone, reaching the value of 85.08 before traders started selling, and the RSI score sank to 62.28. While this is still far from neutrality, the sudden dip mirrors the performance of the price itself.
Right now, the market sentiment and technical indicators surrounding PYTH both show strong bullish feel, which is why it is likely that the token will bounce back up and try to breach the resistance at $0.52 once again.
As for how high up it can go if the resistance breaks, that remains to be seen. The token will likely encounter several resistances, including at $0.55 and $0.60.
Alternatively, if the traders start to sell once it reaches a certain height, a drop back to $0.40 is likely, and potentially to $0.38, which is where the token had found its strongest support in the last week.
Promising Alternatives to Pyth Network
While Pyth Network certainly seems promising, there are some who believe that the best opportunities lie in highly-anticipated tokens that have yet to see launch. One of this attracting much attention now is Meme Kombat (MK).
Meme Kombat is a project that has developed a unique and innovative gaming platform on which it organizes meme battles. With memes ruling the internet culture for years now, it is clear why this is appealing to such a huge audience.
We have successfully conquered the $7.8 million mark in the $MK presale⚔️
Congrats everyone! pic.twitter.com/NG0lZmNUZ9
— Meme Kombat (@Meme_Kombat) January 31, 2024
The project allows users to bet on these battles and win more MK. Of course, it also understands that not everyone is a fan of betting, whether because they don’t find it enjoyable, or because they do not wish to put their funds at a risk. So, Meme Kombat has also created something for them as well — earning rewards through passive staking.
The project’s idea is to have something to offer to everyone and, so far, this approach has found massive approval in the crypto community. Meme Kombat has already been one of the most successful presales in recent times, and has just surged past its $8 million milestone.
That, of course, means that there is not a lot of time left to join the presale. So, if you wish to participate and get MK before it explodes in an anticipated post-launch pump, now is the time. You can buy it in exchange for ETH or USDT, and you can get quite a lot of it, since each MK sells for only $0.279.
Visit MK presale here.
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