As price action continues to consolidate after the seismic launch of the Pyth Network airdrop, traders are on edge with a -11% PYTH price drop threatening technical structure, leading some panicked holders to ask ‘is Pyth Network Going to Zero?’.
Market interest in airdrops is at an all time high following the spectacular performance of modular layer-1 blockchain Celestia (TIA) – which has exploded +117% since launching earlier in Q3.
However, the Pyth airdrop has been hot on its heels, with PYTH exploding +584% following an initial sell-off when the airdrop tokens were distributed to holders.
PYTH’s recent returns (in orange) currently outperform the steady growth of TIA (in blue), and amid decreasing trading volume – traders are identifying an emerging double-bottomed support pattern bolstering market sentiment.
$PYTH #PythNetwork
Fibonacci Retracement and trend-based fib extension#Volume decreasing on 4h TF.
2times rejects 61.8 fib.
– 0.65$
Let’s GO #PYTH
RT the post .#TradingView#tradingpsychology#TradingSignals pic.twitter.com/0MTiOB5gye
— Wolfpackclan (@GG_VasileV_GG) November 30, 2023
PYTH Price Analysis: Could Double-Bottomed Support Poise Pyth Network For a Second Rally Leg? Or is Pyth Going to Zero?
As PYTH price once again pushes up, Pyth Networking is currently trading at a market price of $0.41 (representing a 24-hour change of +2.44%).
This comes following a panicked drop below moving average support, which saw PYTH price tumble -11% in a retest of lower support around $0.40.
The downtick saw a well-defended display by Pyth airdrop holders, and created the opportunity for a double-bottomed support pattern on the chart.
Subsequently, PYTH price has flipped bullish with strong technical structure suggesting upside movements are on the horizon.
Yet, there is a lot of overhead risk, with a significant layer of resistance at $0.45 threatening to cripple any attempt at a major pump.
In the midst of this strengthening structure, the RSI remains loosely on the fence at 51.60, this suggests price has plenty of capacity to push higher if a rally ignites.
And this bullish sentiment is mirrored by the MACD, which has minor divergence at 0.0018.
Overall, PYTH price appears healthy here, with technical structure and indicators leaning towards a run at upper resistance.
This leaves PYTH price with an upside target at $0.45 (a potential +10.62%).
While downside risk could see PYTH price fall to $0.37 (a possible -9.05%).
Pyth Network therefore carries a short-time frame risk: reward ratio of 1.17, a moderately alluring entry but with little meat on the bone for hungry traders.
In the meanwhile, smart money investors are shifting their focus to rapidly growing presales which could offer more attractive returns due to early-backer entries, and amongst the most promising presales of November 2023 is Bitcoin Minetrix.
PYTH Price Retracement Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $4.5M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$4,558,070 raised.
Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
Just 2 days remain for #BitcoinMinetrix Stage 10!
Considering the rapid evolution of #Blockchain technology, what specific industries do you foresee benefiting the most from its widespread adoption in the near future? pic.twitter.com/fQt7cKOr4w
— Bitcoinminetrix (@bitcoinminetrix) November 30, 2023
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
Bitcoin Minetrix Smashes $4.5M Raised as Traders Rally Against Bitcoin Mining Centralization
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over PYTH Price Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $4.5m raised towards its $5.2M goal. At a competitive price of just $0.0119 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Buy BTCMTX Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Pyth Network Going to Zero? PYTH Price Falls 11% as This New Crypto Raises $4.5 Million appeared first on Cryptonews.
