Binance, one of the world’s leading cryptocurrency exchanges, announced the listing of Pyth Network (PYTH), an oracle platform based on Solana.
Starting February 2, 2024 at 12:00 (UTC), Binance users will have the opportunity to engage in spot trading with the new pairs: PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY. This is a moment for the Pyth Network and its community.
Binance Lists PYTH with Seed Tag
Pyth Network is a decentralized oracle network that provides high-fidelity, real-time market data directly to blockchain networks.
With the introduction of PYTH on Binance, it will come with a notable classification: seed tags. This designation is reserved for tokens that represent innovative projects with promising potential, high volatility and risk.
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“PYTH is a relatively new token that carries higher than normal risks, so price volatility is likely to be high. Before choosing to trade tokens, please exercise sufficient risk management, conduct your own research regarding the fundamentals of PYTH, and ensure that you fully understand the project,” Binance warned.
Due to the seed tag status of PYTH, Binance requires an education step for users trading PYTH or similar tokens. Users must pass a quiz every 90 days. These quizzes help users understand the risks of new, more volatile assets.
Technical analysis of PYTH shows promising prospects. The token’s recent breakout from the cup and handle formation, a bullish technical indicator, suggests significant price upside potential.
The analysis predicts a 67.55% surge possibility towards the $0.83 area if resistance near the November 2023 high near $0.55 is overcome.
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This technical perspective provides an interesting perspective on the market dynamics of PYTH and serves as a valuable tool for an informed trading strategy.
However, prospective investors should note a caveat regarding PYTH’s unique risk profile. As with all cryptocurrencies, especially those with seed tags, PYTH’s market performance is subject to high volatility.
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