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Pyth Network price eyes channel breakout following 21Share’s PYTH ETP release

Author: Content Editor
The price of Pyth Network (PYTH) is showing strong bullishness as it approaches a channel breakout, which could trigger a 73% price surge. This follows the launch of several exchange-traded products (ETPs), including one for PYTH, by 21Shares. The announcement caused PYTH to soar by 18%. The altcoin's price movements have formed an ascending channel pattern, with higher lows and higher highs. It is currently testing the top boundary of the trendline, attempting an upside breakout. PYTH has seen a 92.2% surge in the past three months and currently trades at $0.4632. It has room for extended gains, with Fibonacci levels indicating a target of $0.6759. The altcoin has also shown bullish signals, such as a golden crossover in its moving averages and a bullish engulfing candlestick. If PYTH can reclaim the supply region between $0.51 and $0.54, it could see an uptrend to $0.8, representing a 73% increase from current prices. However, a sudden bearish turn could push the price down to reliable support zones at $0.43 and $0.35, with further bearishness potentially leading to a slump to $0.2460. Institutional interest in Pyth Network has been increasing, with VanEck recently launching a Pyth-based exchange-traded note (ETN) for European investors. The growing interest from institutions will strengthen Pyth's market presence as a leading cryptocurrency.

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