Binance, one of the world’s leading cryptocurrency exchanges, has announced the listing of Solana-based Oracle platform – Pyth Network (PYTH).
Starting from February 2, 2024, at 12:00 (UTC), Binance users will have the opportunity to engage in spot trading with new pairs: PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY, marking a pivotal moment for the Pyth Network and its community.
Binance Lists PYTH With a Seed Tag
Pyth Network is a decentralized oracle network that delivers high-fidelity, real-time market data directly to blockchain networks.
The introduction of PYTH to Binance comes with a noteworthy classification: the Seed Tag. This designation is reserved for tokens representing innovative projects with promising potential, higher volatility, and risk.
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“PYTH is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to PYTH’s fundamentals, and fully understand the project before opting to trade the token,” Binance warned.
Due to PYTH’s Seed Tag status, Binance requires educational steps for users trading PYTH or similar tokens. Users must pass quizzes every 90 days. These quizzes ensure users understand the risks of these new, possibly more volatile assets.
Technical analysis of PYTH reveals a promising outlook. The token’s recent breakout from a cup and handle formation, a bullish technical indicator, suggests potential for significant price appreciation.
The analysis projects a possible surge of 67.55% toward the $0.83 zone, contingent upon overcoming resistance near the November 2023 highs of $0.55.
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This technical perspective offers an intriguing glimpse into PYTH’s market dynamics, serving as a valuable tool for informed trading strategies.
However, prospective investors should heed the cautionary note regarding PYTH’s inherent risk profile. As with any cryptocurrency, especially those bearing the Seed Tag, PYTH’s market performance is subject to high volatility.