PYTH, the cryptocurrency of the Pyth Network ๐, a decentralized oracle protocol, has had a surreal rise in the last two days! ๐คฏ Currently, its price is at US$ 0.210, with daily gains of 11.2%, weekly gains of 67%, and monthly gains of 72.7%! ๐ฐ PYTH reached a high of US$ 0.25 the day before, reflecting an accumulated gain of more than 110%. ๐ฅ
> "PYTH is the most sold token by smart money in the last 24 hours." ๐ง
> What is driving the price of PYTH to such high levels? ๐
The big news: The U.S. Department of Commerce ๐บ๐ธ announced that it will use Chainlink and the Pyth Network to release official economic data! ๐ฅณ After this announcement, the price of PYTH skyrocketed. ๐
This is the first time a federal agency in the U.S. ๐๏ธ will broadcast economic statistics directly via blockchain. Instead of just publishing in boring reports, the data will be available in real time โฐ across nine networks, including Solana and Ethereum. ๐
The Pyth Network team commented on the collaboration with the government:
> "Pyth collaborates with the Department of Commerce to verify and distribute on-chain economic data. With over 100 blockchains and 600 applications, it positions itself as a fundamental protocol, and this advancement has provided the price of PYTH with a catalyst for the expansion of its ecosystem." โจ
> PYTH chart analysis: ๐ฏ Levels to Keep an Eye On!
The PYTH token had a significant technical breakout. ๐ Although annual losses still persist (it launched above US$ 1 and fell to US$ 0,081), the trend now seems to be changing! ๐
Resistances to watch:
* US$ 0,220: The first relevant resistance, aligned with the 20 EMA.
* US$ 0,251: A strong level that marked previous declines.
* US$ 0,280: The next target if the movement continues.
Key supports:
* US$ 0,203: Daily low, aligned with the 50 EMA.
* US$ 0,181: Support aligned with the 100 EMA in case of declines.
* US$ 0,157: EMA 200 level and the last significant support.
The RSI at 44.7 points reflects consolidation, suggesting a sideways movement in the short term. โก๏ธโฌ ๏ธ
Important Data to Keep an Eye on PYTH ๐
* Trading volumes: Increased 9.836% in the last 24 hours! ๐คฏ
* Whales: ๐ณ Increased their holdings in PYTH by 14.5% in just seven days, reflecting strong accumulation. ๐ฐ
* Exchange balances: Fell 8% to 908,75 million tokens, suggesting that fewer people are willing to sell. ๐
In contrast, Chainlink (LINK), which was also mentioned in the announcement, saw a decline of 5.7% in the last 24 hours, following the market's downward trend. ๐๐