How much higher can PYTH Network ($PYTH) go? Our answer: as the breakout in PYTH is confirmed, it can go much higher from here.
Our Pyth Network (PYTH) forecast 2024 & 2025, published in January, was very clear:
Fundamentals of this coin look great. This project is part of a larger secular crypto trend, i.e. Big Data and Oracles. The chart has a bullish looking. The first breakout level comes in around $0.42-$0.43, the ultimate breakout level is $0.55.
That’s what is occurring right now – PYTH’s breakout level is cleared, the breakout process is complete.
Breakout invalidation, although unlikely, will occur if PYTH drops below $0.60 by Tuesday, Feb 21st, 2024.
PYTH’s growth
Fundamentally, PYTH Network is growing. It is growing fast.
The leader in the oracle space is Chainlink. It has a tremendous reach.
Interestingly, the reach of PYTH Network is growing very fast, making it a runner up in the oracle space, after the established player ‘Chainlink’.
It is easy to check out the growth of PYTH – simply go to their Twitter (X) feed and see the frequency of their new partnership announcements.
Today, PYTH announced their partnership with METIS, one of the best Layer2 players in the crypto universe.
The Pyth Network is excited to release its METIS/USD price feed 🔮$METIS is the internal currency for staking and payments of the @MetisL2, a permissionless L2 network powering the next generation of dapps
The Pyth METIS/USD price feed is available on more than 50 blockchains pic.twitter.com/zj6YDon6KI
— Pyth Network 🔮 (@PythNetwork) February 14, 2024
PYTH Network – active community, strong belief
What’s equally interesting, when looking at PYTH Network’s growth, is how active their community is.
One data point that stands out is the number of PYTH stakers. As evidenced by below chart, there is not only a very active group of PYTH holders but they also exhibit strong belief in PYTH Network. Only a strong belief in the long term prospects of a project is it possible to grow a large group of stakers.
Pythians stake $PYTH pic.twitter.com/J8u3wGc1IS
— Pyth Network 🔮 (@PythNetwork) February 13, 2024
PYTH price breakout now confirmed
One of the questions we received from readers, lately, is how high PYTH Network (PYTH) can rise.
Our answer: “Much higher from here, provided its breakout is confirmed.”
We also have to rely on a restricted data set. More specifically, the daily price chart of PYTH Network (PYTH) only has two months of data. That’s not a lot, to put it mildly. What can anyone derive from this chart which was published as the breakout was happening (February 8th, 2024)?
At the time of updating this article, on Feb 14th, 2024, the chart has evolved in a very constructive way (to put it mildly).
PYTH breakout has legs
The 6h-chart, however, has so much valuable information. The PYTH Network (PYTH) breakout is really clear on this timeframe.
Arguably, on this timeframe the breakout level if $0.495 even though we derive $0.55 from the PYTH daily chart as the breakout level. PYTH moved above this level, convincingly, in recent days.
Let’s face it, the PYTH chart shown above is an absolute beauty.
PYTH breakout buy alert
As seen, premium crypto members had an edge, as we tipped PYTH with a buy alert when it was trading around $0.39, now at $0.66.
But the more important point is that PYTH can go so much higher from here.
How high exactly? That’s too early to tell, we will let our premium members know as we get more data from the market, particularly on the 6h chart.
Needless to say, PYTH is one of our favorites in this current wave higher in crypto markets.
Looking for an entry? The only somehow ‘justified entry point’ comes with a drop to the rising trendline, visible on the 6h chart. The best entry point was $0.39, which is when we flashed a BUY alert in our premium crypto service. Current levels are very tough as you’ll find yourself chasing this coin higher, not a great practice.
