Key takeaways
- PYTH is trading above $0.15 after gaining more than 1% in value.
- The token could rise further following the launch of the Pyth Pro product.
Pyth launches Pyth Pro
PYTH, the native token of the Pyth Network, rose more than 1% over the past 24 hours, outperforming the broader crypto market. The uptick follows an announcement from the Pyth team introducing Pyth Pro.
According to the team, Pyth Pro gives banks, brokers and trading firms access to specialized market data across asset classes and geographies from a single source of truth. Pyth Pro will cover more than 2,000 data feeds spanning crypto, equities, futures, ETFs, FX, commodities and fixed income. The original Pyth Core product will continue to power DeFi applications, while different tiers of Pyth Pro target a range of institutional finance needs.
PYTH eyed at $0.18 despite bearish price action
The 4-hour PYTH/USD chart remains bearish and shows inefficiency, even though the token has posted a positive 24-hour performance. Technical indicators are tilted toward the downside, though they could turn bullish if the market continues to recover from Monday’s sell-off.
An RSI reading near 45 indicates PYTH has not yet left bearish territory, while the MACD lines also sit below neutral.
At the time of writing, PYTH trades around $0.153, up from Monday’s low of $0.14. If the rebound continues, PYTH could climb to the next major resistance near $0.18 within hours or days. A sustained rally could push the token to $0.20 for the first time this month.
Conversely, if bearish pressure resumes, PYTH could retest Monday’s low at $0.140 and potentially slide toward the August low of $0.1085. With technicals still favoring sellers, downside risk remains until indicators confirm a trend reversal.