Exciting news in the crypto world! Pyth Network (PYTH) has been making waves, especially after its recent listing on Binance, the world’s leading cryptocurrency exchange. Just how much of a splash? PYTH’s price jumped over 11% post-listing! But in the fast-paced crypto market, can this bullish trend last? Let’s dive into the details and see what’s brewing for PYTH and another newly listed token, Ronin (RON).
Pyth Network’s Post-Binance Listing Surge: What’s Happening?
It’s been about a week since Binance officially welcomed Pyth Network (PYTH) to its platform. Remember the initial buzz? We at Bitcoinworld reported on the immediate price surge – a whopping 20% spike when the listing news broke! This sparked a wave of optimism, with investors hoping for PYTH to reach for the stars.
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And the momentum continued. Looking at data from Coinstats, while PYTH’s price saw a dip until February 9th, it dramatically turned around afterward, registering double-digit percentage gains. Check out the price chart below:
In the past week alone, PYTH’s price climbed over 11%, currently trading around $0.5489 with a market cap exceeding $823 billion. Impressive, right?
Is the Bull Run Sustainable? Decoding Market Sentiment
Here’s where things get interesting. Despite the positive price action, some key indicators suggest a potential shift in sentiment. Surprisingly, PYTH’s Social Volume actually decreased last week. This means fewer people are talking about PYTH, indicating a dip in popularity despite the price increase.
Adding to this, the Weighted Sentiment for PYTH has also declined. This suggests that bearish sentiment is becoming more dominant in the market. Could this be a sign of a potential pullback? Let’s look at the sentiment chart:
Furthermore, changes are also noticeable in the derivatives market. Pyth Network’s Funding Rate has decreased. This is a signal that futures traders aren’t as aggressively buying PYTH as before. However, it’s not all bearish. Data from Coinglass reveals that PYTH’s Open Interest remains high. High Open Interest can sometimes indicate that the current price trend, whether bullish or bearish, might continue.
Technical Analysis: Will PYTH’s Rally Continue or Correct?
To get a clearer picture of PYTH’s price trajectory, we analyzed its daily chart. Our technical analysis points to a potential crossroads. Both the Relative Strength Index (RSI) and Money Flow Index (MFI) for Pyth Network are nearing overbought territory.
What does this mean? When RSI and MFI reach overbought levels, it often signals that an asset might be overvalued and could be due for a price correction. This overbought condition can trigger selling pressure, potentially halting or reversing the current bull rally.
Adding to the cautious outlook, the Chaikin Money Flow (CMF) has turned bearish, falling below the neutral line. A negative CMF suggests that selling pressure is stronger than buying pressure in the market.
However, it’s not entirely a bearish picture. The Moving Average Convergence Divergence (MACD) indicator is still showing bullish momentum. The MACD is a trend-following indicator, and its bullish signal suggests that there’s still underlying strength in PYTH’s price trend.
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Ronin (RON) Joins the Binance Party
PYTH isn’t the only token experiencing the ‘Binance effect.’ Ronin (RON) also recently got listed on Binance! Just like PYTH, RON has seen a positive price reaction following its listing.
📢 Binance will list @Ronin_Network $RON
➡️ https://t.co/EsmH59J70A @binance @cz_binance @BinanceLabs @SkyMavisHQ @axieinfinity @pixels_online @katanafam @RoninDojo @axieggofficial @BreederDAO @YieldGuild @avalancheavax @Immutable @0xPolygon @ethereum @Bitcoin @OptimismFnd @arbitrum?ref_src=twsrc%5Etfw”>arbitrum @BNBCHAIN @Solana @Immutable @MagicEden @chromaway @immutable_games @ImmutablePassport @apeiron_io @GuildFiGlobal @meritcircle_io @PlayMirandus @YieldGuild @NiftyLeague @TribalPunkCrypt @CyBallOfficial @TheSandboxGame @phantomgalaxy @Pixels_online @RoninNetworkJP @RoninDojo @axieggofficial @axieinfinity @BreederDAO @YieldGuild @avalancheavax @Immutable @0xPolygon @ethereum @Bitcoin @OptimismFnd @arbitrum @BNBCHAIN @Solana @Immutable @MagicEden @chromaway @immutable_games @ImmutablePassport @apeiron_io @GuildFiGlobal @meritcircle_io @PlayMirandus @YieldGuild @NiftyLeague @TribalPunkCrypt @CyBallOfficial @TheSandboxGame @phantomgalaxy @Pixels_online @0xPolygonStudios @TheBeaconGG @SipherXYZ @IlluviumHQ @ShrapnelGame @AuroryProject @Aavegotchi @BigTimeOfficial @ComethOfficial @MocaverseNFT @SpaceNationOL @InfluenceGame @StellaFantasyOn @DeHorizonfun @Genopets @SynCityHQ @EmberSword @NyanHeroes @LifeBeyondHQ @LeagueOfKingdoms @DefiKingdoms @apeiron_io @GuildFiGlobal @meritcircle_io @PlayMirandus @YieldGuild @NiftyLeague @TribalPunkCrypt @CyBallOfficial @TheSandboxGame @phantomgalaxy @Pixels_online @0xPolygonStudios @TheBeaconGG @SipherXYZ @IlluviumHQ @ShrapnelGame @AuroryProject @Aavegotchi @BigTimeOfficial @ComethOfficial @MocaverseNFT @SpaceNationOL @InfluenceGame @StellaFantasyOn @DeHorizonfun @Genopets @SynCityHQ @EmberSword @NyanHeroes @LifeBeyondHQ @LeagueOfKingdoms @DefiKingdoms pic.twitter.com/4l1LpY4Y8z
— Ronin (@Ronin_Network) February 5, 2024
According to CoinMarketCap, RON saw a 7% increase over the last week. Zooming in, the last 24 hours have been particularly bullish, with RON’s value jumping over 8%. Currently, RON is trading at $2.80, boasting a market cap of over $829 million.
In summary: Both PYTH and RON listings on Binance have triggered positive price movements. However, for PYTH, while the price is up, underlying market sentiment and technical indicators are presenting a mixed bag, suggesting potential headwinds for its continued bull run.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
#Binance #WRITE2EARN
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.