Journalist
Posted:
- Bearish sentiment around PYTH increased despite its bullish price action.
- Ronin’s price also registered an uptick in the last 24 hours.
It has been a week since the world’s largest exchange, Binance [BNB], listed Pyth Network [PYTH] on its exchange. The listing had a positive impact on the token, as its price gained bullish momentum.
Therefore, AMBCrypto planned to take a closer look at how PYTH was performing.
A look at PYTH after the listing
AMBCrypto reported last week how PYTH reacted when the Binance listing news broke. The token’s value at that time spiked by over 20%.
The news, coupled with PYTH’s price gains, sparked bullish sentiment around the token as investors expected the token’s price to reach new highs. The gains continued throughout the last week.
According to CoinMarketCap, PYTH’s price witnessed a decline until the 9th of February. However, since then, the token’s value has spiked by double digits.
The token’s price increased by over 11% last week, and at press time, it was trading at $0.5489 with a market capitalization of over $823 billion.
It was surprising to note that despite the bullish price action, PYTH’s Social Volume declined, meaning that its popularity dropped last week.
Additionally, its Weighted Sentiment also sank, indicating that bearish sentiment around the token was dominant in the market.
Source: Santiment
Things on the derivatives front have also changed over the last few days. This was evident from the fact that Pyth Network’s Funding Rate declined, suggesting that Futures investors weren’t actively buying PYTH.
Nonetheless, Coinglass’ data revealed that PYTH’s Open Interest remained high at the time of writing, indicating that the bull rally might continue further.
Source: Coinglass
To get a better understanding of whether the ongoing price uptrend would last, AMBCrypto took a look at PYTH’s daily chart.
Our analysis revealed that both Pyth Network’s Relative Strength Index (RSI) and Money Flow Index (MFI) were near the overbought zone.
This can exert selling pressure on the token and put an end to its bull rally. The Chaikin Money Flow (CMF) also turned bearish, as it was resting well below the neutral mark at press time.
Nonetheless, the MACD displayed a bullish advantage in the market.
Source: TradingView
Binance also listed Ronin
Like PYTH, Binance also recently listed yet another token, Ronin [RON]. The token shared a similar fate as PYTH, as it also witnessed a price hike in the recent past.
BREAKING NEWS: $RON / $RONIN TRADEABLE ON BINANCE
After 2 years of relentless pursuit and unwavering support, the moment our community has been asking for has come.
This is a big step towards the world discovering the secret that we all know: Ronin is THE gaming chain.
Welcome… pic.twitter.com/WjvYkLJfhr
— Ronin (@Ronin_Network) February 5, 2024
Realistic or not, here’s PYTH market cap in BTC’s terms
According to CoinMarketCap, RON was up by more than 7% in the last seven days. However, things changed in the token’s favor in the last 24 hours, as its value surged by over 8%.
At the time of writing, RON was trading at $2.80 with a market capitalization of over $829 million.