Will The 18% Surge Prolong To $0.50?

In the last 24 hours, SUI prices have increased by 3.54%, resulting in a 7.74% jump in the past 24 hours. With a market cap of $1.23 billion, PYTH ranks as the 62nd biggest cryptocurrency in the market. 

Despite moving at a 70.48% discount from its all-time high level of $1.15, the Pyth Network’s PYTH Token is making a bullish comeback. However, the altcoin is up by 51.92% from its all-time low of $0.2235 and is currently trading at $0.3414. 

With significant numbers supporting the Solana-based project, will the PYTH Token price reach $0.50 in the next bull market? Let’s find out in this Coinpedia’s PYTH Price Analysis. 

Wedge Breakout Rally For PYTH

In the daily chart, the PYTH price action reflects the possibility of a rounding bottom reversal as the altcoin bounces back from the $0.2460 support zone. Surpassing the 50-day AMA in the recent bull cycle, the PYTH Token has increased by almost 18% in the past 5 days. 

Tradingview

With a massive bullish engulfing candle, accounting for a 7.7% jump yesterday, the meme coin peaked at $0.3541, registering the 7-day high. However, the bullish exhaustion leads to an intraday pullback of 2.33%, creating a bearish piercing candle. 

Currently, the altcoin is consolidating between the 50-day and 200-day EMA with a double-bottom reversal from the 50-day EMA. A bullish comeback in PYTH price will likely surge bullish influence, leading to a golden crossover. Furthermore, the daily RSI line maintains a healthy trend above the 50% line.

Will PYTH Price Hit $0.50?

Based on the Fibonacci level, the recovery rally is heading towards the 23.60% Fibonacci level at $0.4489. Furthermore, this level acts as the neckline area of the rounding bottom reversal.

Optimistically, the Fibonacci retracement paints a target at 38.20% and 50% levels at $0.5745 and $0.6759, respectively. However, a drop below the 50-day EMA at $0.3181 will nullify the chances of a rounding bottom reversal and potentially retest the $0.2460.  

Will the PYTH price cross the $1 mark in the next bull run? Find answers to such questions now in our PYTH price prediction.