How is Pyth Network doing since Binance’s listing? 

Journalist

Posted: February 12, 2024

• Bearish sentiment round PYTH elevated regardless of its bullish worth motion. 
• Ronin’s worth additionally registered an uptick within the final 24 hours. 

It has been every week for the reason that world’s largest change, Binance [BNB], listed Pyth Network [PYTH] on its change. The itemizing had a optimistic impression on the token, as its worth gained bullish momentum.

Due to this fact, AMBCrypto deliberate to take a more in-depth have a look at how PYTH was performing.

A have a look at PYTH after the itemizing

AMBCrypto reported final week how PYTH reacted when the Binance itemizing information broke. The token’s worth at the moment spiked by over 20%.

The information, coupled with PYTH’s worth features, sparked bullish sentiment across the token as traders anticipated the token’s worth to succeed in new highs. The features continued all through the final week.

Based on CoinMarketCap, PYTH’s worth witnessed a decline till the ninth of February. Nevertheless, since then, the token’s worth has spiked by double digits.

The token’s worth elevated by over 11% final week, and at press time, it was buying and selling at $0.5489 with a market capitalization of over $823 billion.

It was shocking to notice that regardless of the bullish worth motion, PYTH’s Social Quantity declined, that means that its reputation dropped final week.

Moreover, its Weighted Sentiment additionally sank, indicating that bearish sentiment across the token was dominant out there.

Supply: Santiment

Issues on the derivatives entrance have additionally modified over the previous couple of days. This was evident from the truth that Pyth Community’s Funding Fee declined, suggesting that Futures traders weren’t actively shopping for PYTH.

Nonetheless, Coinglass’ data revealed that PYTH’s Open Curiosity remained excessive on the time of writing, indicating that the bull rally may proceed additional.

Supply: Coinglass

To get a greater understanding of whether or not the continuing worth uptrend would final, AMBCrypto took a have a look at PYTH’s every day chart.

Our evaluation revealed that each Pyth Community’s Relative Power Index (RSI) and Cash Move Index (MFI) had been close to the overbought zone.

This could exert promoting strain on the token and put an finish to its bull rally. The Chaikin Cash Move (CMF) additionally turned bearish, because it was resting properly under the impartial mark at press time.

Nonetheless, the MACD displayed a bullish benefit out there.

Supply: TradingView

Binance additionally listed Ronin

Like PYTH, Binance additionally just lately listed one more token, Ronin [RON]. The token shared an identical destiny as PYTH, because it additionally witnessed a worth hike within the latest previous.

BREAKING NEWS: $RON / $RONIN TRADEABLE ON BINANCE

After 2 years of relentless pursuit and unwavering help, the second our neighborhood has been asking for has come.

It is a massive step in direction of the world discovering the key that everyone knows: Ronin is THE gaming chain.

Welcome… pic.twitter.com/WjvYkLJfhr

— Ronin (@Ronin_Network) February 5, 2024

Real looking or not, right here’s PYTH market cap in BTC’s terms

Based on CoinMarketCap, RON was up by greater than 7% within the final seven days. Nevertheless, issues modified within the token’s favor within the final 24 hours, as its worth surged by over 8%.

On the time of writing, RON was buying and selling at $2.80 with a market capitalization of over $829 million.