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PYTH Price Jumps 13% Amid lisUSD Price Feed Upgrade, Here’s All – Crypto News

Published

1 year ago

May 20, 2024

Dripp

The Pyth Network has recently experienced a remarkable price surge, with its native token PYTH soaring by 13% following the launch of its new lisUSD/USD price feed. This innovative price feed is specifically designed for lisUSD, a decentralized and unbiased stablecoin, and is now accessible on more than 55 blockchains. This expansion is a significant milestone for the Pyth Network, substantially enhancing its reach and utility across the blockchain ecosystem.

Impact of the lisUSD/USD Price Feed Release

The release of the lisUSD/USD price feed marks a pivotal development for the Pyth Network. LisUSD, a decentralized, unbiased, and collateral-backed stablecoin, is soft-pegged to the US Dollar and developed by lista_dao. This stablecoin aims to provide a reliable and transparent financial tool within the crypto ecosystem. The new lisUSD/USD price feed enhances this by offering accurate and decentralized pricing data, essential for the stablecoin’s integrity and functionality. The Pyth Network’s commitment to decentralization and accuracy is evident in making this price feed available on over 55 blockchains, significantly broadening its accessibility and utility.

Following this release, Pyth Network (PYTH) has seen a notable increase in its market value, climbing 12.2% to reach $0.449. This surge was accompanied by a significant boost in trading volume, which soared to $589,188,357.06 over a 24-hour period, reflecting heightened investor interest and market activity. With a circulating supply of 1.5 billion PYTH tokens, Pyth Network’s market capitalization has risen to approximately $673.6 million.

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Technical Analysis and Future Growth Potential

Pyth Network is currently navigating a crucial phase, with its price testing a strong resistance trendline around the $0.5 mark. Should PYTH achieve a daily close above this level, analysts anticipate a bullish trend reversal, potentially targeting $1, which would represent a significant 2x increase. The open interest in PYTH has soared to over $108.5 million, indicating a 28.04% increase in the past 24 hours. Technical analysis suggests that by 2024, PYTH could reach a minimum price of $0.8254, with a potential maximum of $0.9287, and an average trading price around $0.857. For May 2024, projections estimate the price to range between $0.6453 and $0.7092, averaging around $0.6769.

Additionally, the Relative Strength Index (RSI) stands at 65.23, signaling heightened bullish sentiment. Currently ranked No. 56 in the entire crypto ecosystem, Pyth Network has demonstrated a solid upward trend over the past week, increasing by 5.25%. Given these indicators, Pyth Network is showcasing strong potential for continued growth, making it an attractive investment opportunity. The recent developments and technical outlook highlight the network’s capability to maintain its upward momentum and achieve substantial future gains.

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