PYTH Price Rises 13% Amid LisUSD Price Feed Rise, Here’s All
pyth network has recently experienced a significant price increase, with its native token PYTH gaining 13% following the launch of the new lisUSD/USD price feed. This innovative price feed was designed specifically for lisUSD, a decentralized and neutral stablecoin, and is currently accessible on more than 55 blockchains. This expansion is a significant milestone for the Pyth Network, significantly increasing its reach and utility in the blockchain ecosystem.
Effect of LisUSD/USD Price flow
The release of the LisUSD/USD price feed marks a very important development for the Pyth Network. LisUSD, a decentralized, neutral and collateral-backed stablecoin, is pegged to the US Dollar and developed by lista_dao. This stablecoin aims to provide a reliable and transparent financial instrument within the crypto ecosystem. The new lisUSD/USD price feed improves on this by providing accurate and decentralized pricing data essential for the integrity and functionality of the stablecoin. Pyth Network’s commitment to decentralization and accuracy is evident in making this price feed available on over 55 blockchains, significantly expanding its accessibility and utility.
Following this release, Pyth Network (PYTH) saw a significant increase in its market cap, rising 12.2% to $0.449. This increase was accompanied by a significant increase in trading volume, rising to $589,188,357.06 within a 24-hour period, reflecting increased investor interest and market activity. With a circulating supply of 1.5 billion PYTH tokens, Pyth Network’s market cap has increased to approximately $673.6 million.
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Technical Analysis and Future Growth Potential
Pyth Network is currently going through a crucial phase and its price is testing a strong resistance trend line near $0.5. If PYTH reaches a daily close above this level, analysts predict that the bullish trend will reverse and potentially target $1, which would represent a significant 2x increase. Open positions in PYTH increased by 28.04% in the last 24 hours, reaching over 108.5 million dollars. Technical analysis shows that by 2024, PYTH could have a minimum price of $0.8254, a potential maximum of $0.9287, and an average trading price of around $0.857. Forecasts for May 2024 predict the price will range between $0.6453 and $0.7092, with an average of around $0.6769.
Additionally, the Relative Strength Index (RSI) stands at 65.23, indicating an increasing uptrend. It currently ranks #1. Ranked 56th in the entire crypto ecosystem, Pyth Network has shown a solid uptrend, up 5.25% last week. Considering these indicators, Pyth Network exhibits strong potential for continued growth, making it an attractive investment opportunity. Recent developments and the technical outlook highlight the network’s ability to maintain bullish momentum and achieve significant gains in the future.
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