Pyth Network Token Jumps 20% Following Key Resistance Breakout
Pyth Network (PYTH) jumped nearly 20% intraday after pushing past a key resistance level at $0.08148. The surge was boosted by investor enthusiasm following newly released data from an RWA Perp Report, which helped shift short-term price momentum back in favor of buyers.
The technical move comes after the token logged a golden cross in September, where its 50-day exponential moving average crossed above its 200-day exponential moving average. This technical indicator, combined with the breakout above resistance, reinforces a setup that could pave the way toward the next major target at $0.13021 if buyers retain control.
However, maintaining the breakout remains crucial for further gains. If the token fails to hold above $0.08148, sellers could push prices down toward the 200-day exponential moving average near $0.05589, with lower support resting at $0.03703.
Key points
- Pyth Network (PYTH) gained nearly 20% intraday after clearing $0.08148 resistance.
- Fresh data from an RWA Perp Report helped lift investor sentiment.
- A golden cross formed between the 50-day and 200-day exponential moving averages in September.
- Holding above resistance keeps the next target at $0.13021 in sight.
- Downside risks include potential drops to $0.05589 or $0.03703 if the breakout fails.
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How we writeDisclaimerQuestions and answers
Why did PYTH price jump 20%?
PYTH rose nearly 20% after breaking above the key resistance level of $0.08148, supported by positive investor sentiment following data shared from an RWA Perp Report.
What is the next resistance target for PYTH?
If buyers hold PYTH above $0.08148, the next major resistance target is $0.13021.
What happens if PYTH fails to hold above resistance?
If PYTH falls back below $0.08148, initial downside targets include the 200-day exponential moving average near $0.05589, followed by support at $0.03703.