Pyth Network is emerging as one of the most promising crypto projects of 2024. While everyone is focused on functional and technical aspects of Pyth Network, we set ourselves apart looking at its chart(s) and combining it with the fundamentals of a crypto project. That’s the approach we follow to derive our Pyth Network forecast 2024 and 2025.
Pyth is like a super-smart assistant for computer programs. Imagine it as a wizard that helps make digital deals and transactions super safe and reliable. Let’s explore what makes Pyth so cool and easy to use.
Pyth Network fundamentals
As always, we like to start by understanding fundamentals of a crypto project.
Fundamentals will never suffice, as a data point, to predict a price target. Nor will fundamentals help with timing a trend. On the contrary in fact. Fundamentals, as a standalone data point, can only create bias which is one of the things to avoid as a serious investor.
Still, directionally, when combined with decent charting, fundamentals can help with a ‘thumbs up’ or ‘thumbs down’ assessment, especially in the crypto universe.
Frankly, fundamentals of Pyth Network give us a ‘thumbs up’ as we’ll see in what follows.
First and foremost, Pyth Network is active in the space that is gaining traction: oracles and big data, serving Web3 and DeFi.
The most valuable Web3 and DeFi services need #oracles — but developers face limitations with current solutions
Learn how Pyth’s low-latency pull oracles uniquely provide:
1️⃣ High-frequency updates
2️⃣ Extensive asset selection
3️⃣ Transparent, trustworthy data sourcing pic.twitter.com/xIENW0YKm4
— Pyth Network 🔮 (@PythNetwork) April 24, 2023
Pyth emerges as a beacon of innovation, providing a cutting-edge blockchain oracle for market data.
Let’s look into the transformative features that make Pyth a game-changer for developers and institutions alike.
Pyth Network: Functional view
Pyth isn’t just any assistant; it’s a hero sidekick for making super smart digital deals. It does this by bringing in the latest information about money-related things (like cryptocurrencies and stocks) really, really quickly. This ensures that the digital deals you make are super safe and dependable.
Instant Info Anytime, Anywhere
The magic of Pyth is that it gives you instant updates about the value of different kinds of money, whether it’s crypto or regular money. It gets this info from lots of big players in the money world, like Binance and others. So, whenever you want to know how much your digital money is worth, Pyth has your back.
- Lots of Apps Trust Pyth: Many apps, like those used for lending or trading, count on Pyth for good information.
- Works on Many Digital Platforms: Pyth works smoothly on many digital platforms, making it easy for developers to use it in different places.
One super cool thing about Pyth is that it gets its information directly from big financial institutions. It’s like getting news straight from the source, so you know it’s accurate and reliable. No surprise, this project has strong ties with institutions.
Pyth Network is open, very open
Easy to Use Everywhere
What’s awesome about Pyth is that it works everywhere. It doesn’t matter which digital platform you like to use; Pyth can be there, helping out. It’s like having a friendly guide that speaks the language of all digital places.
Get Info When You Need It
Here’s the really cool part: Pyth lets you decide when you want to see the latest info. You only pay for the info you really need, which is great for saving money. This idea has made Pyth so good that even big platforms use it.
Simple Integration with Easy Tools
Building things with Pyth is as easy as playing with building blocks. It gives you simple tools (like APIs) to create cool digital stuff. Whether you’re making new programs or designing how things look, Pyth has got you covered.
In a nutshell, Pyth is like the superhero for making digital deals and transactions super safe and dependable. It makes using digital money easy and fun, even if you’re not a tech expert.
Pyth Network forecast checked against tokenomics
One potential risk we see for the price of the Pyth Network token is its tokenomics. There is still a lot of tokens to be released.
Here is the good news: “85% of the PYTH Tokens are initially locked and locked tokens will unlock 6, 18, 30 and 42 months after the initial token launch.”
This really means that the first 18 months, which is until Q2/2025, only one token unlock will take place.
Green light for speculative positions in Pyth Network.
Pyth Network daily price chart
Let’s now look at the price of Pyth Network by dissecting and comparing multiple timeframes.
Good investor practice starts by understanding how to read the chart(s).
With Pyth Network, the big problem of course is the limited data set. This token is in existence for a few months, since Oct/Nov of 2023. That’s a big problem, as reliable chart readings require extensive data. A few months of price action is not enough. Still, we’ll give it a try.
The daily chart is absolutely meaningless. We cannot derive any meaningful insight out of a daily chart with some 90 candlesticks. Still, this tiny pattern has a bit of a bullish looking.
Pyth Network prediction with the 6h price chart
We must switch to a lower timeframe to get some first, basic insights out of it for investors.
The 6h timeframe helps tremendously.
Pyth Network, on its 6h price chart, looks pretty good. Moreover, we get very specific level out of this chart. There is also a potential breakout level which we can find, with medium level of confidence.
- By far, the most important support level is $0.28. In no way do we want to accept, as investors, a price drop below $0.28 for more than 3 to 5 days.
- The second most important support level is $0.33. A back test of $0.33 is great provided $0.33 holds.
- The falling 2-month trendline probably gives us a breakout indication.
Needless to say, any reading above $0.55 will be the start of the ultimate breakout and start of a run (much? higher) for Pyth Network.
Pyth Network price prediction with the 4h chart
While the 6h Pyth Network price chart helped tremendously, we could find some incremental value in the 4h chart.
More specifically, the triangle that is created by the falling trendline (since November) and the rising trendline (since January 9th, 2024) create a structure that is actionable:
- The triangle is completing around the 2nd of February.
- A move above this triangle before Feb 2nd would be very bullish.
- A decline below this triangle while support at $0.33 is respected would be bullish.
- Alternatively, a decline to $0.28 and certainly lower would be concerning.
The combination of the 4h and 6h timeframes helped us tremendously to evaluate Pyth Network as an investor.
Pyth Network bullish forecast for 2024 and 2025
We conclude that we are bullish on Pyth Network, for 2024 and 2025, provided support at $0.28 is going to hold (on a 3 to 5 day closing basis).
Fundamentals of this token look great.
This project is part of a larger secular crypto trend, i.e. Big Data and Oracles.
The chart has a bullish looking, with the 6h and 4h chart suggesting a bullish triangle is in the making. The most bullish support level $0.33 needs to hold, and $0.28 must hold for sure!
The first breakout level comes in around $0.42-$0.43, the ultimate breakout level is $0.55.
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