Pyth Network (PYTH) Bullish Forecast 2024 & 2025 – Follow the chart

Pyth Network is emerging as one of the most promising crypto projects of 2024. While everyone is focused on functional and technical aspects of Pyth Network, we differentiate ourselves by looking at its chart(s) and combining it with the fundamentals of a crypto project. This is the approach we take to derive our Pyth Network Forecast 2024 and 2025.

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Pyth is like a super smart assistant for computer programs. Imagine it as a wizard that helps make digital transactions and transactions super secure and reliable. Let’s explore what makes Pyth so cool and easy to use.

Pyth Network Basics

As always, we like to start by understanding the fundamentals of a crypto project.

Fundamentals will never be sufficient, as a data point, to predict a price target. Fundamentals will also not help in timing a trend. On the contrary actually. Fundamentals, as a standalone data point, can only create bias, which is one of the things to avoid as a serious investor.

Still, directionally, when combined with decent mapping, fundamentals can help with a ‘thumbs up’ or ‘thumbs down’ assessment, especially in the crypto universe.

To be honest, with Pyth Network we get a ‘thumbs up’ as we will see in the following points.

Primarily, Pyth Network is active in the ongoing space: oracles and big data, serving Web3 and DeFi.

See more

The most valuable Web3 and DeFi services need #oracles – but developers face limitations with current solutions

Learn how Pyth’s low-latency pull oracles uniquely offer:

1️⃣ High frequency updates 2️⃣ Extensive asset selection 3️⃣ Transparent, reliable data acquisition pic.twitter.com/xIENW0YKm4

— Pyth Network 🔮 (@PythNetwork) April 24, 2023

Pyth is emerging as a beacon of innovation, providing a leading blockchain oracle for market data.

Let’s take a look at the transformative features that make Pyth a game changer for developers and institutions.

Pyth Network: Functional View

Pyth is not just any assistant; it is a hero to make super smart digital transactions. It does this by bringing in the latest information about money-related things (like cryptocurrencies and stocks) really, really fast. This ensures that the digital transactions you make are super safe and reliable.

Instant information anytime, anywhere

The magic of Pyth is that it gives you instant updates on the value of different types of money, be it crypto or regular money. It gets this information from many big players in the money world, such as Binance and others. So, when you want to know how much your digital money is worth, Pyth has your back.

Many applications trust Pyth: Many applications, such as those used for lending or trading, rely on Pyth for good information. Works on many digital platforms: Pyth works smoothly on many digital platforms, making it easy for developers to use it in different places.

One super cool thing about Pyth is that it gets its information directly from major financial institutions. It’s like getting news straight from the source, so you know it’s accurate and reliable. No surprise, this project has strong ties to institutions.

Pyth Network is open, very open

Easy to use anywhere

What’s great about Pyth is that it works everywhere. It doesn’t matter which digital platform you like to use; Pyth can be there and help. It’s like having a friendly guide who speaks the language of all digital places.

Get information when you need it

Here’s the really cool part: Pyth lets you decide when you want to see the latest information. You only pay for the information you really need, which is great for saving money. This idea made Pyth so good that even major platforms use it.

Simple integration with easy tools

Building things with Pyth is as easy as playing with building blocks. It gives you simple tools (like APIs) to create cool digital stuff. Whether you’re building new programs or designing how things look, Pyth has you covered.

In a nutshell, Pyth is like the superhero to make digital transactions and transactions super safe and reliable. This makes using digital money easy and fun, even if you are not a technical expert.

Pyth Network prediction checked against tokenomics

One potential risk we see for the price of the Pyth Network token is its tokenomics. There are still many signs to be released.

Here is the good news: “85% of the PYTH tokens are initially locked and locked tokens will unlock 6, 18, 30 and 42 months after the initial token launch.”

This really means that for the first 18 months, which is until Q2/2025, only one token unlock will take place.

Green light for speculative positions in Pyth Network.

Pyth Network daily price chart

Now let’s look at the price of Pyth Network by dissecting and comparing various time frames.

Good investor practice starts with understanding how to read the chart(s).

With Pyth Network, the big problem is of course the limited data set. This sign has been around for a few months, since Oct/Nov of 2023. This is a big deal, as reliable chart readings require extensive data. A few months of price action is not enough. Still, we’ll give it a try.

The daily chart is absolutely meaningless. We cannot gain any meaningful insight from a daily chart with about 90 candlesticks. Still, this small pattern has a bit of a bullish look to it.

Pyth Network forecast with the 6h price chart

We need to switch to a lower time frame to get some first, basic insights from it for investors.

The 6h time frame helps tremendously.

Pyth Network, on its 6h price chart, looks pretty good. Moreover, we get very specific level from this chart. There is also a potential breakout level that we can find, with medium level of confidence.

By far the most important support level is $0.28. In no way, as investors, do we want to accept a price drop below $0.28 for more than 3 to 5 days. The second major support level is $0.33. A $0.33 retest is great provided $0.33 holds. The descending 2-month trend line is probably giving us a breakout indication.

Needless to say, any reading above $0.55 will be the start of the eventual breakout and start of a run (much? higher) for Pyth Network.

Pyth Network price forecast with the 4h chart

While the 6h Pyth Network price chart helped tremendously, we were able to find some incremental value in the 4h chart.

More specifically, the triangle created by the descending trendline (since November) and the ascending trendline (since January 9, 2024) creates a structure that is actionable:

The triangle completes around the 2nd of February. A move above this triangle before February 2nd would be very bullish. A decline below this triangle while respecting support at $0.33 would be bullish. Alternatively, a drop to $0.28 and certainly lower would be worrisome.

The combination of the 4h and 6h timeframes helped us tremendously in evaluating Pyth Network as an investor.

Pyth Network bullish forecast for 2024 and 2025

We conclude that we are bullish on Pyth Network, for 2024 and 2025, provided that support at $0.28 will hold (on a 3 to 5 day closing basis).

Fundamentals of this sign look good.

This project is part of a larger secular crypto trend, namely Big Data and Oracles.

The chart has a bullish look, with the 6h and 4h chart suggesting a bullish triangle is in the making. The most bullish support level $0.33 must hold, and $0.28 must hold for sure!

The first breakout level comes in around $0.42-$0.43, the ultimate breakout level is $0.55.

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