PYTH crypto could extend its 11% rally toward $0.089 – Here’s why

PYTH crypto could extend its 11% rally toward $0.089

Market Analysis

PYTH has staged a strong recovery from the recent correction phase by posting double-digit gains while much of the broader crypto market remained under pressure. The token price has rallied by more than 11% in the last 24 hours to $0.0808 as of writing.

Technical Indicators

The recovery has renewed bullish sentiment and placed the next resistance around $0.089 firmly on traders' radar. The token's skyrocketing trading activity stands out as the main factor behind the current bullish advances. According to the recent derivative data, PYTH's trading volume has surged by a fourfold to $98.07 million, indicating fresh capital is entering the market.

Market Sentiment

Going hand in hand with the improving trading volume, the network's holders' sentiments are also strengthening. The increased presence of whale orders at the current trading price, adding more weight to the token's bullish bias. At the same time, the rally is also unfolding in the midst of the improving sentiment across the larger altcoin sector.

Fundamental Analysis

PYTH appears to be reaping from this broader shift, with renewed demand helping to reinforce its technical breakout from EMA support. As long as capital continues flowing into altcoins, the token could remain well-positioned to attract additional buying interest. The next key objective for Pyth network bulls is the $0.089 resistance level. A sustained hold above the 20-day EMA, combined with continued strength in trading volume, would improve the odds of extending the current rally.