• The US Commerce and Pyth Network collaborate to publish GDP data.
• Charts are showing bullish indicators and are pointing towards the $0.22 target.
• Derivatives are exploding, proving that traders’ confidence in Pyth is rising.

The Pyth Network price is on the rise. This is because it has partnered with the US Department of Commerce to post essential economic data on-chain.

Pyth Network Collaborates With Government  

The partnership represents a significant endorsement from the Trump administration regarding blockchain technology. Officials explained that the move is not intended to replace current systems. 

Instead, it is an addition of another channel through which important GDP data would be shared. With government data being stored on blockchain, the administration is encouraging transparency, speed, and accessibility to all parts of the globe.  Thus, official economic numbers can now be accessed with no delays globally. 

The CEO of Douro Labs, Mike Cahill, noted that his team had been collaborating with officials at Commerce for months prior to the partnership. 

In his view, all the administrations have resolved to adopt blockchain integration with enthusiasm. He described this move as a turning point in the distribution of financial data.

Charts Point To Breakout

Pyth Network’s token suddenly spiked with a monster candle, hitting a $0.2488 high before retracing. PYTH is currently holding above the $0.22 level and is up by almost 94% in the last 24 hours. The technical chart shows how the token smashed through key Fibonacci levels that had acted as barriers for weeks. 

Its price surpassed the 0.618 retracement around $0.1067 sharply as buyers took full control. Traders also kept an eye on the VWAP, which stood at $0.1646, reinforcing the bullish momentum. The way the chart broke free from its consolidation pattern suggested fresh energy had entered, with the price now aiming to hold the $0.22 mark.

Fib. and VAWP. Source: TradingView

Also Read: SUI Price Analysis: Cup and Handle Pattern Targets $8.07 Amid Bullish Momentum

MACD and RSI are Bullish

Momentum indicators also tell a lively story. The RSI rose to 70, a sign the asset had entered overbought territory. Buyers were clearly showing no intention of slowing down just yet. 

Additionally, the MACD lines have become bullish and have begun printing the positive bars that had been accumulating after weeks of low activity. Such a crossover serves as a catalyst for further rallies. 

RSI and MACD. Source: TradingView

Derivatives Drive Market Conviction

Derivatives are even puffing up people’s belief in the market. According to the Coinglass report, open interest in Python Futures has increased by over 230% to exceed $135 million.

When open interest and price increase simultaneously, new money is entering the asset’s market. This is exactly the case with Pyth at the moment, and it is generating expectations of more gains.

The Pyth futures trading volume has increased by 5,500%, reaching $1.8 billion. Such an increase is not only the result of hype but also actual liquidity. 

Last December, the token recorded similar outbursts. However, this latest surge is stronger and suggests a renewed confidence in the market.

All technical indicators and trading paths appear to be moving in the same bullish direction.Now, with the price approaching $0.21, traders are interested in whether the bullishness will continue.

Source: Coinglass

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