Pyth Network price eyes channel breakout following 21Share’s PYTH ETP release

Pyth Network (PYTH) exhibits robust bullishness as it approaches a channel breakout that could trigger a 73% price surge.

The altcoin saw renewed bullish momentum over the past day after 21Shares launched multiple four ETPs, including a PYTH one.

Commenting on Pyth Network, the investment stated:

This ETP provides investors with a regulated and transparent way to gain exposure to the rapidly evolving decentralized oracle network that delivers high-frequency, real-time market data to blockchains.

The announcement saw PYTH soaring from the $0.4078 daily low to $0.4805 – an 18% increase.

PYTH bullish reversal gains momentum

The altcoin’s price movements form an ascending channel pattern on the 24-hour chart.

The higher lows and higher highs have printed two parallel lines as PYTH’s reversals gain momentum.

The rally tests the trendline’s top boundary, attempting an upside breakout rally.

Meanwhile, the upward journey began from the support barrier at $0.25 to today’s peak of $0.4805.

That translates to a 92.2% surge within the past three months.

PYTH’s current price action

The coin trades at $0.4632 after retracing from the 24-hour peak. Pyth remains 8% up on its daily chart, with a 30% increase in trading volume signaling increased activity.

Source: Coinmarketcap

The altcoin boasts more room for extended gains. Fibonacci levels show the token targeting 50% FIB ($0.6759).

The latest gains saw the 50-day and 20-day Exponential Moving Averages making a golden crossover.

That indicates a solid bullish momentum behind Pyth’s prevailing price actions.

Furthermore, PYTH created a bullish, engulfing candlestick following its overnight surges.

The Moving Average Convergence Divergence and the signal line support the narrative with an upside crossover.

The highlighted bullish engulfing candlestick tests the overhead borderline as the token topped the 638.20% FIB level.

PYTH eyes further uptrends after reclaiming the supply region between $0.51 and $0.54.

Significant bull activity beyond this range would catalyze swift uptrends to $0.8. That would account for a 73% upswing from current prices.

Nevertheless, sudden bearishness could push the alt towards the reliable support zones at $0.43 and $0.35.

Further bearishness would see PYTH plunging beneath the 50-day Exponential Moving Average ($0.3181), invalidating the potential rounding bottom reversal.

That might welcome an 88% slump from current values to $0.2460.

Meanwhile, Pyth Network has seen increased institutional interest lately.

VanEck launched a Pyth-based exchange-traded note (ETN) for European investors early this month.

The product offers investor exposure to Pyth Network’s capabilities.

The surging interest from institutional players will strengthen Pyth’s market presence as a top cryptocurrency.

Recognition by industry giants remains crucial for stable growth in the upcoming years.

The post Pyth Network price eyes channel breakout following 21Share’s PYTH ETP release appeared first on Invezz