Pyth Network price has increased by 42% in the last 24 hours and is trading at $0.7417 as of 4:50am EST. Trading volume has surged by 747% to $533 million. This is because Pyth Network has entered into a partnership with the HBAR Foundation, a foundation dedicated to promoting the expansion and development of the Hedera ecosystem, and integrating Pyth price feeds into the Hedera network. Today, we are excited to announce a partnership with @HBAR_foundation to bring 400+ Pyth price feeds to @hedera. HLiquity is the first decentralized finance application on Hedera powered by Pyth. Learn more about the launch below:ℹ️About HBAR FoundationHBAR…pic.twitter.com/dRbFRwgpBG — Pyth Network (@PythNetwork) February 26, 2024
Pyth Network said that these price feeds will enable Hedera developers to create secure decentralized financial applications. In addition, individuals on Hedera can easily obtain the latest prices through the pull oracle design of the Pyth price feed.
Pyth Network price remains in bullish momentum, surpasses bullish bullish pattern
PYTHUSDT Tradingview Analysis
The gradual increase in the Pyth Network price indicated a bullish move from the $0.2454 support level. However, the bulls were rejected at $0.6778, which led to a fight between sellers and buyers and the price formed a bullish rising head pattern, indicating that the bullish trend will continue. PYTH traders used the $0.5247 support level to buy bullish rising heads, which pushed the price to $0.8151.
Furthermore, technical indicators support the bullish momentum as the bulls have pushed the price higher above the 50-day and 200-day Simple Moving Averages (SMA). The moving average crossover at $0.3228 confirms the overall bullish momentum in the Pyth Network price.
Although the Relative Strength Index (RSI) shows a short-term downtrend, the RSI is still trending upward above 70 in the overbought zone and is currently at 72. A rebound above the 50 midline level is likely to keep the RSI in the overbought zone with bullish expectations.
Pyth Network price maintains overall bullish bias
Despite the pullback from the $0.8198 high, the Pyth Network price remains in an overall bullish posture. If the momentum continues, the bulls might recapture the highs. However, a further break above this level might lead to profit booking by the bulls at the $0.9460 level.
On the other hand, the bears might sustain the current correction and cause the price to decline, forcing the bulls to find safe haven in the $0.6825 support area, which coincides with the upper boundary of the range die.
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