Nasdaq Selects Pyth Network for Market Data Distribution

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 4 days ago

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Partnership Announcement: Nasdaq has selected Pyth Network as its market data distribution platform, making Pyth the first on-chain network to distribute Nasdaq's market data, indicating a significant shift of traditional finance towards blockchain technology.
Data Product Integration: Nasdaq will publish its TotalView depth ledger and order imbalance data through the Pyth Data Marketplace, providing institutional users with enhanced access to detailed insights on liquidity, buy and sell orders, and market structure, thereby improving data accessibility.
Market-Driven Change: Mike Cahill, CEO of Douro Labs, emphasized that Nasdaq's choice of Pyth signals the future direction of institutional market data, highlighting the transition from traditional terminals to software-driven applications, facilitating direct data flow from sources.
Price Reaction: Following the announcement of this partnership, the price of PYTH surged by approximately 10%, reflecting a positive market response and demonstrating investor confidence in the application of blockchain technology within the financial sector.

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Technical Analysis for PYTH

Technical Sentiment Analysis for Pyth Network (PYTH). As of , Pyth Network (PYTH) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 4 indicators are flashing buy, while 1 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for PYTH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, PYTH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Pyth Network (PYTH) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0189	0.025	0.0309	0.037	0.0429	0.049	0.0549
Fibonacci	0.025	0.0296	0.0324	0.037	0.0416	0.0444	0.049

About PYTH

The Pyth Network is the largest and fastest-growing first-party oracle network. Pyth delivers real-time market data to financial dApps across 40+ blockchains and provides 380+ low-latency price feeds across cryptocurrencies, equities, ETFs, FX pairs, and commodities.The network comprises some of the world's largest exchanges, market makers, and financial services providers who contribute their own price data for use by smart contracts. Participants in the network include Binance, OKX, Jane Street, Bybit, Cboe Global Markets and more. The Pyth oracle program aggregates their data on-chain to guard against inaccuracies and manipulation. Finally, the protocol allows users to 'pull' the latest price onto their blockchain when needed.In less than a year since the launch of the cross-chain pull oracle, the network has secured over $1B in total value. The Pyth Network has been used by over 250 applications to secure $100B in trading volume. Integration with Pyth Price Feeds is permissionless.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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