Arbitrum (ARB) and Pyth (PYTH) Price Analysis and Market Sentiments: Is This the Right Time to Stack Altcoins?
- WBOYOriginal
- 2024-08-23 00:31:10899browse
The cryptocurrency market has recorded a jump of 1.78% over the past day with a trading volume of $71.2 billion (+16.64%).
The cryptocurrency market has seen a 1.78% gain over the past 24 hours, with a trading volume of $71.2 billion, which marks a 16.64% increase. However, the top tokens continue to struggle at crucial resistance levels, indicating strong bearish sentiment at the higher levels.
On the other hand, mid-cap altcoins have gained a lot of attention in the crypto space, with many seeing massive price surges. Given the current market sentiment, could this be the time to stack altcoins for the upcoming AltSeason rally?
In this article, we have covered the market sentiment, price analysis, and potential short-term price targets for the Arbitrum (ARB) and Pyth (PYTH) cryptocurrencies.
Arbitrum (ARB) Price Action
With a 5.82% gain in the past 24 hours, the ARB price has managed to hold its value above the $0.55 level and has also added around 1% in the past week. With a market capitalization of $1.978 billion, this altcoin is ranked 41st.
The RSI indicator showed a bullish rise after testing its average trendline in the 1D time frame and moving up. Moreover, the SMA shows a bullish crossover, which suggests that the ARB price will continue gaining value in the upcoming time.
If the bulls gain any momentum, the Arbitrum price will get ready to test its resistance level of $0.7228 in the upcoming time frame. On the contrary, a bearish reversal could pull the price towards its new yearly low.
Pyth (PYTH) Price Action
The Pyth price has seen a 6.86% gain in value in the past 24 hours with a trading volume of $27.787 Million and has also added 5.89% since the past week. Furthermore, with a circulating supply of 3,624,988,822 PYTH, it is ranked 61st with a market cap of $1.099 billion.
The MACD indicator continues to show a neutral price action on its price chart as it shows a constant flatline, but the Simple Moving Average (SMA) shows a bullish convergence, which suggests a high chance of bullish price action in the upcoming week.
Suppose, the market sees any strong bullish action, in that case, the Pyth price will gain any momentum and test its high of $0.3990 this month. However, if the bears dominate the crypto market, the Pyth price will retest its crucial support level of $0.2460.
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