PYTH price drop 11% as dem dey collect profit on top Pyth Network
Pyth Network PYTH price don drop pass 11% inside 24 hours, e fall from six-month high of $0.25 on August 29 reach about $0.16 on September 1. The drop happen as traders dey collect their profits after last week's big jump wey come from U.S. Department of Commerce decision to put economic data onchain using Pyth Network and Chainlink. Daily trade volume for PYTH decrease by 25%, market cap don go under $1 billion, e around $935 million now. This PYTH price fall join general altcoin drop wey happen, Bitcoin (BTC) drop under $108,000 and Ethereum (ETH) don fall by more than 2%. Weekly gains don reduce to about 41%, and Bitfinex analysts dey warn say altcoins fit test new low levels for September before possible recovery for Q4.
Bearish
Di sharp 11% drop wey happen for PYTH price na classic way wey people dey take profit after dem see big rally wey major news like U.S. government decision to use onchain economic data through Pyth Network start am. Volume don reduce by 25%, meaning say buyers interest dey weak. This pullback dey align with broader market wey weak as Bitcoin drop below important support wey near $108,000 and Ethereum lose over 2%. For history, altcoins dey usually test cyclical lows after quick big jumps before dem fit recover properly. Bitfinex analysts dey expect more pressure for downside in September, showing say short-term outlook tight. For long term, structure fit come back for Q4, but traders suppose prepare for further possible falls before real rebound fit happen.