- PYTH’s social metrics soared after Binance announced this news.
- Several market indicators suggested the price decline could continue.
PYTH Network (PYTH) It has recently been in the spotlight thanks to being the world’s largest cryptocurrency exchange. The biggest news is that Binance announced plans to list PYTH on its exchange. These episodes have sparked excitement among cryptocurrency investors, as they often lead to bull markets.
Will Binance Help Pyth?
According to the official announcement, PYTH will begin trading on Binance on February 3rd at 12 UTC. It is traded in the following pairs: PYTH/BTC, PYTH/USDT, PYTH/FDUSD and PYTH/TRY.
#Binance will list @PythNetwork $PYTH Seed tag has been applied.
👉 https://t.co/a1MYNiAKbA pic.twitter.com/wzU5eOJPq7
— Binance (@binance) February 2, 2024
Thanks to this announcement, the token’s social metrics have surged significantly over the past few days. AMBCrypto looked at Santiment’s data and found that PYTH’s social volume spiked on February 2, 2024.
Additionally, there has also been an increase in bullish sentiment towards the token, which is evident in the rise in weighted sentiment.
Source: Santiment
It is not surprising that bullish sentiment is rising, as listings on large exchanges like Binance often trigger price increases. In fact, CoinMarketCap’s data PYTH has seen an increase of over 19% over the past 7 days.
However, things did not go as expected as PYTH’s daily chart turned red. In the last 24 hours, Pyth Network is down 4.8%. At the time of this writing, PYTH had a market capitalization of over $696 million and was trading at $0.4645.
A closer look at the state of PYTH
To understand whether Binance’s listing would actually help PYTH surge in value, AMBCrypto planned to check the daily charts. Our analysis shows that prices are likely to move sideways in the near term.
Pyth Network’s Money Flow Index (MFI) appeared to be moving sideways.
A similar trend was seen in terms of the relative strength index (RSI). Moreover, PYTH’s MACD shows a bearish crossover, which could lead to further decline in the token price.
Nonetheless, Chaikin Money Flow (CMF) was strong, rising slightly above the neutral line.
Source: TradingView
Realistic or not, the following is BTC market capitalization of PYTH hatchet
Derivatives market conditions for PYTH looked optimistic. The token’s open interest declined along with its price.
Anytime open interest falls, it suggests a possible trend reversal. Additionally, the funding ratio remains in the green, meaning futures investors are actively purchasing PYTH.
Source: Santiment