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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jun 03, 2024 05:04 UTC
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PYTH Price Breakout With Network Expansion Aims $1 Market Value
The PYTH price action shows a falling wedge breakout.
The uptick in the 50 EMA teases a golden crossover in the 4H chart.
The breakout rally could reach the psychological mark of $1 this month.
The bull run is gaining momentum with the altcoin market, starting on a bullish note in the first week of June. Amidst the uptrend, the PYTH token price skyrockets with a breakout rally ready to speed up in the coming days.
With 564 Developer commits in May 2024 and a total value secured of 5.219B, the Oracle is making waves in the community. Approaching the market cap of $2 billion, the PYTH token takes the limelight among the top performers today.
So, will the rising demand fuel the bullish momentum in the PYTH price trend to cross the $1 mark? Find answers to such questions now in our PYTH price prediction.
Wedge Breakout Rally For PYTH
With the recent jump in the PYTH token price, the sideline traders anticipate a trend reversal as the buyers fire up. The altcoin price has increased by 7.28% within the past 72 hours, with a morning star pattern in the 1D chart.
Furthermore, the bullish trend breaks above the resistance trendline of the falling wedge pattern in the 4H chart. The breakout bolsters the possibility of a trend reversal in the PYTH price.
Currently, the token trades at a price of $0.43 with an intraday gain of 2.44% and makes the third consecutive green candle. Further, with a more than 200% jump in trading volume, the uptrend chances are significant in the altcoin.
Technical indicators:
EMA: The breakout rally surpasses the 50 EMA in the 4H chart, teasing a golden crossover with the 200 EMA.
Will the PYTH Price Cross $1?
With the falling wedge pattern breakout in the 4h chart along with the golden crossover possibility, the underlying sentiments are changing in the PYTH price chart. Further, the network stats are improving for the oracle, reflecting a fundamental growth.
Hence, the bull run for the PYTH network could continue this month. As per the Fibonacci retracement, the $0.80 and $1 mark are potential targets in June for the bull run.
Also Check Out : This Altcoin is Heavily Undervalued: Why it Failed to Gain Attention Despite Major Upgrade?
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