Pyth Network (PYTH) displayed an impressive surge, rising 70% in a single day and surpassing $0.20. This jump was made possible by a recent announcement from the U.S. Department of Commerce.
Reasons for PYTH Rise
The recent announcement from the U.S. Department of Commerce regarding the distribution of official economic data through blockchain oracles and Pyth being selected as a primary partner significantly boosted investor confidence.
Technical Analysis and Uptrend Signals
The current RSI for PYTH stands at 74, indicating strong buying interest. The Supertrend and DMI indicators confirmed the uptrend, with +DI significantly above –DI. These conditions suggest that the growth will be sustainable. Key support and resistance levels are at $0.18 and $0.30, respectively.
Price Predictions for PYTH Until 2030
Predictions suggest that by 2030, PYTH could reach $0.65, with the average price remaining around $0.55. Support at $0.40 is expected to significantly facilitate growth.
Considering current metrics and investor confidence, Pyth Network is well-positioned in the blockchain data ecosystem, which may herald further growth in the future.
