Key Highlights:
- PYTH is trading above $0.15 after a more than 1% increase in value.
- The cryptocurrency may see further gains with the launch of Pyth Pro.
Pyth Launches Pyth Pro
PYTH, the native coin of the Pyth network, has climbed over 1% in the past 24 hours, outperforming the broader cryptocurrency market. This positive performance follows the announcement of the launch of Pyth Pro by the Pyth team.
The team explained that Pyth Pro allows banks, brokers, and trading firms to access specialized data across all asset classes and geographical regions from a single source of truth. The service covers over 2,000 cryptocurrency, stock, futures, ETF, currency, commodity, and fixed-income security feeds. Meanwhile, its original product, Pyth Core, will continue to support DeFi applications, while various Pyth Pro tiers will cater to different institutional financial needs.
Pyth Aims for $0.18 Despite Price Downtrend
The four-hour chart for the PYTH/USD pair indicates a bearish trend, even as the coin has performed well in recent hours. Technical indicators remain bearish but may soon turn bullish as the market slowly recovers from Monday’s drop.
The RSI is at 45, indicating that PYTH has not yet exited the bearish zone, with MACD lines also below the neutral area.
As of press time, PYTH is trading at $0.153, recovering from a low of $0.14 recorded on Monday. If this recovery trend continues, PYTH could reach the nearest major resistance level of $0.18 in the coming hours or days. A sustained rally might see it hit $0.20 for the first time this month.
However, should the downward trend persist, PYTH may retest Monday’s low of $0.140 before potentially falling to the August low of $0.1085. Technical indicators remain bearish, suggesting that sellers are in control of the market.
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