Over the past 24 hours, the price of PYTH has seen a significant increase of 3.54%, leading to a 7.74% surge in the last day alone. With a market capitalization of $1.23 billion, PYTH currently holds the position of the 62nd largest cryptocurrency in the market.
Despite trading at a 70.48% discount from its all-time high of $1.15, the PYTH Token is showing signs of a bullish comeback. It has risen by 51.92% from its all-time low of $0.2235 and is currently trading at $0.3414.
Given the strong fundamentals supporting the Solana-based project, many are wondering if the PYTH Token price will reach $0.50 in the next bull market. This question will be explored further in this Coinpedia’s PYTH Price Analysis.
Wedge Breakout Rally For PYTH
Analyzing the daily chart, it appears that the price action of PYTH is indicating a potential rounding bottom reversal as the altcoin rebounds from the $0.2460 support level. By surpassing the 50-day AMA during the recent bull cycle, the PYTH Token has experienced an almost 18% increase in the past 5 days.
A bullish engulfing candle has propelled the meme coin to a peak of $0.3541, marking a 7-day high. However, a subsequent intraday pullback of 2.33% has resulted in a bearish piercing candle formation. Currently, the altcoin is consolidating between the 50-day and 200-day EMA, with a double-bottom reversal occurring at the 50-day EMA. A potential bullish rally in the PYTH price could lead to a golden crossover, with the daily RSI line maintaining a positive trend above the 50% line.
Will PYTH Price Hit $0.50?
According to the Fibonacci level analysis, the recovery rally is aiming towards the 23.60% Fibonacci level at $0.4489, which also acts as the neckline area of the rounding bottom reversal. Optimistically, the Fibonacci retracement suggests targets at the 38.20% and 50% levels, situated at $0.5745 and $0.6759, respectively. However, a drop below the 50-day EMA at $0.3181 could negate the potential for a rounding bottom reversal and potentially lead to a retest of the $0.2460 support level.
The question remains: will the PYTH price surpass the $1 mark in the upcoming bull run? For more insights and predictions on the future price movements of PYTH, stay tuned for our upcoming PYTH price prediction article.