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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.
- Oct 15, 2024 08:01 UTC
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PYTH Price Prediction: Will The 18% Surge Prolong To $0.50?
The PYTH price action shows a potential rounding reversal.
Altcoin crosses above the 50D EMA.
As per the Fibonacci levels, the uptrend can reach $0.67.
In the last 24 hours, SUI prices have increased by 3.54%, resulting in a 7.74% jump in the past 24 hours. With a market cap of $1.23 billion, PYTH ranks as the 62nd biggest cryptocurrency in the market.
Despite moving at a 70.48% discount from its all-time high level of $1.15, the Pyth Network’s PYTH Token is making a bullish comeback. However, the altcoin is up by 51.92% from its all-time low of $0.2235 and is currently trading at $0.3414.
With significant numbers supporting the Solana-based project, will the PYTH Token price reach $0.50 in the next bull market? Let’s find out in this Coinpedia’s PYTH Price Analysis.
Wedge Breakout Rally For PYTH
In the daily chart, the PYTH price action reflects the possibility of a rounding bottom reversal as the altcoin bounces back from the $0.2460 support zone. Surpassing the 50-day AMA in the recent bull cycle, the PYTH Token has increased by almost 18% in the past 5 days.
With a massive bullish engulfing candle, accounting for a 7.7% jump yesterday, the meme coin peaked at $0.3541, registering the 7-day high. However, the bullish exhaustion leads to an intraday pullback of 2.33%, creating a bearish piercing candle.
Currently, the altcoin is consolidating between the 50-day and 200-day EMA with a double-bottom reversal from the 50-day EMA. A bullish comeback in PYTH price will likely surge bullish influence, leading to a golden crossover. Furthermore, the daily RSI line maintains a healthy trend above the 50% line.
Will PYTH Price Hit $0.50?
Based on the Fibonacci level, the recovery rally is heading towards the 23.60% Fibonacci level at $0.4489. Furthermore, this level acts as the neckline area of the rounding bottom reversal.
Optimistically, the Fibonacci retracement paints a target at 38.20% and 50% levels at $0.5745 and $0.6759, respectively. However, a drop below the 50-day EMA at $0.3181 will nullify the chances of a rounding bottom reversal and potentially retest the $0.2460.
Will the PYTH price cross the $1 mark in the next bull run? Find answers to such questions now in our PYTH price prediction.
Yes 
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