PYTH Skyrockets 91% After Securing US Government On-Chain Data Role

TL;DR PYTH gains 91% after being selected by the US government for blockchain-based data ￰0￱ bullish divergence signals a potential uptrend as the price breaks out following a major ￰1￱ the rally, smart money offloads $166K in PYTH, indicating profit-taking after a sharp price ￰2￱ Network Chosen to Help Distribute US Economic Data On August 28, the US Department of Commerce announced it would begin releasing official economic data on blockchain ￰3￱ Network was selected to assist in verifying and distributing this ￰4￱ will also take part in the ￰5￱ data, including the US gross domestic product (GDP), is now live on several blockchains such as Bitcoin, Ethereum, Solana, Avalanche, Polygon, and others.

Coinbase, Kraken, and Gemini will be involved in publishing the ￰6￱ Secretary of Commerce Howard Lutnick stated , “We are making America’s economic truth immutable and globally accessible like never before.” PYTH Price Rallies After the News Following the announcement, the price of PYTH jumped by over 90% within 24 hours, reaching $0.22. The token’s 7-day gain now stands at over 95%, and trading volume during the same 24-hour period surpassed $2.1 billion. Meanwhile, technical data shows a pattern known as bullish divergence on the MACD ￰7￱ occurs when the price continues to fall while the momentum starts to ￰8￱ PYTH’s case, the price formed lower lows, while MACD made higher ￰9￱ this pattern formed, PYTH broke above its downtrend and started moving higher.), which was dominated by taker sell orders during that period.