The Pyth Network price has increased by 21% in the past 24 hours and is quoted at $0.4146 at 10:40 AM EST. The trading volume has increased by more than 50%.
This is part of a recovery rally from November through the first week of January, with PYTH bulls attempting to recover lost ground. Meanwhile, as hype for the token resumes, its staking functionality continues, with stakers participating in the governance of the Pyth Network.
Technical indicators support the bullish scenario for Pyth Network’s price, with the relative strength index (RSI) showing upward momentum. This was during trading on Friday, January 19, when the RSI crossed above the signal line (yellow band), executing a buy signal.
The histogram bars of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence indicator (MACD) are also flashing green in the positive territory, showing that bulls are leading the market. Moreover, the MACD continues to move above the signal line (orange band), continuing to rise.
The increase in buyer momentum could see the Pyth Network price continue to rise and break above the $0.4305 resistance level. A strong uptrend could take the PYTH token to a market cap of $0.4991 or, in an extremely bullish scenario, recapture the $0.5577 resistance level, which was last tested on November 24.
On the contrary, if PYTH holders take profits early, the Pyth Network price may see a correction. A breakout above the upper band of the Bollinger indicator at $0.4008 is the first sign that a correction may be coming. This shows that PYTH is overbought, just like the RSI index of 72.
The increased seller momentum could cause the Pyth Network price to lose the support provided to it by the middle line of the Bollinger indicator, which is $0.3511. On lower levels, the price of this altcoin might test the lower rail of $0.3014. A breakout and close below this level will negate the bullish thesis.
Amid the bullish but overbought state of PYTH tokens, forward-looking investors may consider LPX as a promising alternative. It is one of analysts’ top picks for AI-powered cryptocurrencies with the potential for explosive growth.
LPX is the native cryptocurrency of the Launchpad XYZ ecosystem, an AI-driven investment platform that provides trading signals, giving investors the opportunity to spot the next 30x trade in advance.
This consumer-oriented portal provides insights and analysis on all Web3 fields with a beautiful design and user-friendly interface. This has prompted experts to rank it as one of the best Web 3 projects.
Its presale, which ends in less than three days, has raised over $2.6 million, and investors can currently purchase LPX for $0.0445.
LPX holders can also stake their holdings. The official website states: “If you stake an average of 10,000 LPX over 90 days, you will receive the following rewards: trading fee discounts, secured NFT minting whitelisting, secured presale opportunities, access to partner discounts, beta p2e game releases, community prestige badges, and more.”
As time is running out, visit the Launchpad XYZ website to participate in the pre-sale and purchase LPX.
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