Key takeaways
PYTH is trading above $0.15 after adding more than 1% to its value.
The cryptocurrency could rally higher with the launch of the Pyth Pro feature.
Pyth launches Pyth Pro
PYTH, the native coin of the Pyth network, is up by more than 1% in the last 24 hours, outperforming the broader crypto market in the process. The positive performance comes after the Pyth team announced the launch of Pyth Pro.
The team explained that Pyth Pro allows banks, brokers, and trading firms to access specialized data across every asset class and geography from a single source of truth. Pyth Pro provides coverage of over 2,000 feeds across crypto, equities, futures, ETFs, FX, commodities, and fixed income, the team added. Its original product, Pyth Core, will continue to power DeFi applications while the various Pyth Pro tiers address different institutional finance requirements.
PYTH eyes $0.18 despite bearish price action
The PYTH/USD 4-hour chart is bearish and inefficient despite the coin performing well over the last 24 hours. The technical indicators are bearish but could soon switch bullish as the market slowly recovers from Monday’s slump.
The RSI of 45 shows that PYTH is not yet out of the bearish region, with the MACD lines also below the neutral zone.Â
At press time, PYTH is trading at $0.153, up from the Monday low of $0.14. If the recovery continues, PYTH could surge to the nearest major resistance level at $0.18 over the coming hours or days. An extended rally would allow it to hit $0.20 for the first time this month.
However, if the bearish trend persists, PYTH could retest Monday’s low of $0.140 before dropping to the August low of $0.1085. The technical indicators are still bearish, which means sellers remain in control of the market.
