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The Pyth Network price has plunged 9% to trade for $0.5788 as of 3:10 a.m. EST time, with a 30% rise in trading volume.
This disparity points to investors exiting the PYTH market, likely associated with the buy the rumor sell the news situation.
As reported on February 14, the Pyth Network soared 14% after a community vote on-chain to approve the Pyth DAO Constitution.
Today, the Pyth Network community has voted on-chain to approve the Pyth DAO Constitution.
This Constitution describes the decision-making framework for the Pyth DAO and the governing framework for the holders of $PYTH.
Learn more below:
What is the Pyth DAO Constitution?The… pic.twitter.com/aTQ1JW7xT2
— Pyth Network 🔮 (@PythNetwork) February 13, 2024
As hype around this event dies down, investors and traders appear to be cashing in on gains. In addition, the slump comes on the back of the Pyth Network’s integration with Drip.
86,000 Subscribers to the @PythNetwork channel on @drip_haus in 24 hrs.
I bet we hit 250K in a week from now when people find out what we've really got lined up 😉
Subscribe here: https://t.co/rmDPDoPESp https://t.co/i8QxSP7zk5 pic.twitter.com/Krine38QWc
— Genia🔮 (@Genia_XBT) February 19, 2024
Elsewhere, just a month after its debut, the Pyth Network’s $PYTH staking program has recorded massive growth, with more than 1,088,756,431 PYTH tokens being locked for staking. This surge represents a remarkable 72.6% of the circulating supply pointing to growing interest in the network and its governance.
The current drop, therefore, is associated with early profit taking as token holders cash in on the gains made in the Pyth Network price.
Pyth Network Price Prognosis Amid Rising Profit Booking
The Pyth Network price is sitting above the 78.6% Fibonacci level of $0.5519, in a market range measured from $0.0571 to $0.6866. However, technical indicators suggest the altcoin still has more ground to lose as investors continue cashing in.
The Relative Strength Index (RSI) is southbound, pointing to falling momentum. This status is reinforced by the Awesome Oscillator (AO), which is showing red histogram bars that are steadily edging towards negative territory.
Increased seller momentum could see the Pyth Network price descend below the 78.6% Fibonacci level. An extended leg south could plunge the PYTH price into the supply zone that now acts as a bullish breaker between $0.4595 and $0.5003. A break and close below the midline (mean threshold) of the aforementioned order block at $0.4809 would confirm the continuation of the downtrend.
In a dire case, the Pyth Network price could break below the lower boundary of the bullish breaker, extending a leg south to tag the most critical Fibonacci level, 61.8%, at $0.4462. A break and close below this level would invalidate the big-picture bullish outlook.
TradingView: PYTH/USDT 1-day chart
Converse Case
However, considering the position of the RSI above 50 and the AO still in positive territory, the bulls still have a presence in the PYTH market. If the bulls increase their buying pressure, the Pyth Network price could extend north, overcoming immediate resistance due to the $0.6000 psychological level. Such a move would bring the peak of the market range at $0.6866 into focus.
In a highly bullish case, the Pyth Network price could shatter this roadblock to tag the $0.7000 psychological level. Such a move would constitute a 21% climb above current levels.
Meanwhile, while the Pyth Network price risks an extended break down, consider Smog, which features among analyst Jacob Bury’s top meme coins to buy now with the potential for 100X growth at launch.
According to other analysts, it is also one of the best cryptos to buy in 2024 for explosive growth.
Promising Alternative To Pyth Network
Smog token is about to unleash what it calls the ”greatest airdrop in history.”
Smog’s market entry came after Jupiter’s $700 million airdrop on Solana where many millionaires were minted. Smog is now promising an even larger and more enticing opportunity.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
Smog has surged 116% in the past week, perhaps helped by the fact its dragon theme appealed to the Asian community as it ushered in the Chinese New Year of the Dragon.
YouTube crypto analyst Danjo Capital Master says that SMOG is a meme coin with the potential for a 100X return on investment.
Visit and buy the Smog token on the official website to be eligible for the upcoming historic airdrop.
Also Read:
- How To Buy Smog Token – A Complete Guide
- New Solana Airdrop-Focused Meme Coin Launched on Jupiter DEX – Could This Be the Next 1000x Coin?
- Crypto ZEUS Reviews Latest Meme Coin, SMOG, Launching the Greatest Solana Airdrop of All Time
- Latest Solana Meme Coin Smog Token Unveils ETH Bridge After Massive $37M Market Cap Debut – Investor Sentiment Boosted By Airdrop Campaign
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $40+ Million Raised at ICO - Ends December
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