Cryptocurrency market’s renewed buying interest has allowed the Pyth Network token to recover its local support of $0.523. The positive turnaround has increased the cryptocurrency’s price by 36.5% in just four days, currently trading at $0.71. The recent partnership has also been noted to significantly affect the price of the altcoin.
Positive Developments in PYTH
In addition to broader market sentiment, this recovery can be attributed to a partnership with Hedera and listings on South Korean cryptocurrency exchanges. Pyth Network’s native token PYTH entered a steady recovery momentum at the beginning of January after rebounding from a price support of $0.23. Within two months, the token value increased by 260%, reaching the market’s all-time high of $0.818. The uptrend, along with high momentum in PYTH, is likely linked to the strategic partnership with Hedera and listings announcements on South Korean crypto exchanges Upbit and Bithumb.
As a significant development for the decentralized finance (DeFi) sector, Pyth Network announced the integration of its price feeds with the Hedera network, offering developers access to over 400 financial data streams. This collaboration could mark an important step towards improving smart contract applications by providing reliable, real-time financial information. Developers on Hedera can now seamlessly incorporate these streams into their projects, paving the way for innovative DLT-supported financial services.
Uptrend in PYTH
The aforementioned move could empower the DeFi community and allow it to benefit from high-quality market data for a wide range of applications. PYTH price successfully recovered from the recent correction trend above the 38.2% Fibonacci retracement level. Such pullbacks are considered healthy for a token as they indicate a revival of exhausted bullish momentum for a higher rise. With an intraday gain of 20%, PYTH price has made a significant breakout from the last high resistance of $0.684. According to the data, the rally in the altcoin following the breakout could extend the ongoing uptrend to $0.8 and then to $0.98.
