This article reviews the short price history of the Pyth token, as well as some fundamentals and valuation metrics.
Pyth-Network 4-Hour Chart
Like I stated in the trading view chart, new tokens are hard to chart since the price history is so short. The token launched at a pretty high market cap as well. Thankfully this token is above its launch price which is pretty rare. TA wise, the token broke a multi day downtrend that is the red line. The volume and RSI have taken a major reset style cool off, this is bullish longer-term. The dashed green line is my short term price target. I believe the token takes another gander at .5 soon which is close to that green fib extension. The token seems to mostly respect fib extensions which tells me retail is heavily in this one.
Brief Pyth Outlook
I think it is important to keep in mind that Pyth launched at a very high market cap. The fully diluted valuation is 5.2 billion dollars. FDV means if all tokens were released, this would be the valuation of the token or network. This is less than 3 billion dollars less than the current Chainlink valuation, pretty overvalued in my opinion. Regardless, you cant value crypto like you value stocks. Hype is hype, the trend is your friend, and momentum is momentum. This chart is another response from a poll and the second I posted it a bunch of people immediately picked pyth, this mixed with the fib extension behavior makes me believe it has a strong community at the least.
Pyth can be viewed as a Chainlink competitor that initially launched on Solana. For an into article on Chainlink, check it out [here]. Oracles are very important for crypto ecosystems because they provide price feed data from off-chain markets to on-chain markets. The faster and more accurate the feeds, the better. Oracles can also assist in NFT verifiable randomness among other tasks. They allow users to know that a dice roll is a real dice roll and prove it on chain.
This will likely be utilized in the first major crypto gambling network/project. For more information on Pyth check out their website [here]. I am trying to keep these articles short due to time constraints due to my 1 year old and masters program aside full-time employment. This also allows me to cover many projects rapid fire. Thanks for reading., stay safe!
