Posted:
- Bearish sentiment around PYTH increased despite the bullish price action.
- The price of Ronin also registered an increase in the past 24 hours.
It’s been a week since the world’s largest exchange, Binance [BNB]mention Pyth network [PYTH] on his exchange. The listing had a positive impact on the token as the price gained bullish momentum.
Therefore, AMBCrypto planned to take a closer look at how PYTH performed.
A look at PYTH after the mention
AMBCrypto reported last week how PYTH reacted when news of the Binance listing broke. The value of the token increased by more than 20% at that time.
The news, coupled with PYTH’s price increases, led to bullish sentiment around the token as investors expected the token’s price to reach new highs. The gains continued last week.
According to CoinMarketCapThe price of PYTH witnessed a decline until February 9. Since then, however, the token’s value has increased by double digits.
The token’s price rose by over 11% last week and at the time of writing it was trading at $0.5489 with a market cap of over $823 billion.
It was surprising to note that despite the bullish price action, PYTH’s social volume dropped, meaning its popularity dropped last week.
Furthermore, weighted sentiment also fell, indicating that bearish sentiment surrounding the token was dominant in the market.
Source: Santiment
Things have also changed in the field of derivatives in recent days. This was evident as Pyth Network’s funding rate dropped, indicating that Futures investors were not actively buying PYTH.
Nevertheless, Coinglass’ facts revealed that PYTH’s Open Interest remained high at the time of writing, indicating that the bull rally could continue further.
Source: Coinglass
To gain a better understanding of whether the ongoing price increase would continue, used AMBCrypto I looked at the daily chart of PYTH.
Our analysis showed that both Pyth Network’s Relative Strength Index (RSI) and Money Flow Index (MFI) were near overbought territory.
This could put selling pressure on the token and end the bull rally. The Chaikin Money Flow (CMF) also turned bearish as it was well below the neutral line at the time of writing.
Nevertheless, the MACD showed a bullish advantage in the market.
Source: TradingView
Binance also mentioned Ronin
Like PYTH, Binance also recently listed another token, Ronin [RON]. The token shared a similar fate as PYTH as it also witnessed a price surge in the recent past.
BREAKING NEWS: $RON / $RONIN TRADEABLE ON BINANCE
After two years of relentless search and unwavering support, the moment our community has been asking for has arrived.
This is a big step towards the world discovering the secret we all know: Ronin is THE gaming chain.
Welcome… pic.twitter.com/WjvYkLJfhr
— Ronin (@Ronin_Netwerk) February 5, 2024
Realistic or not, here it is PYTH market cap in terms of BTC
According to CoinMarketCap, the RON has risen by more than 7% in the past seven days. However, over the past 24 hours, things have turned in the token’s favor as its value has increased by more than 8%.
At the time of writing, RON was trading at $2.80 with a market cap of over $829 million.