Pi Network's PI has surged by 10% earlier today, heading towards $1, as people eagerly await the official appearance of the project at the Consensus 2025 conference next week. This move breaks the consolidation phase and comes just before the important ecosystem update that Pi Network has scheduled for the event on May 14.
The consensus launch and ecosystem update drive interest.
With over 55 million users, an increasingly expanding application ecosystem, the Pi Core Team has announced a crucial ecosystem update expected to take place on May 14, coinciding with the important speech by founder Dr. Nicolas Kokkalis.
Investors and traders are closely monitoring the charts to predict the impact of this event on Pi's price, especially as the project may attract venture capital, new partnerships, and public attention during this event.
The current technical setup of PI Coin shows bullish signs.
The PI/USDT price (data from OKX) is around $0.6196, reflecting a recent spike of 10% after several days of consolidation.
The Relative Strength Index (RSI) is currently at 61.57, indicating bullish momentum but still below the overbought zone (70). Just a few candles ago, the RSI surged above 80, indicating recent buying pressure and accumulation potential.
If the growth momentum continues until May 14, we may see the RSI rise sharply to overbought levels, especially if the announcement exceeds market expectations.
Meanwhile, the MACD has just created a bullish crossover as the MACD line moves above the signal line.
Additionally, the histogram chart is showing gradually increasing green bars, reflecting the growth momentum. This supports the case for a potential short-term recovery, possibly triggered by the buy-the-rumor phase before the event.
The Fibonacci levels indicate the next price target for Pi Coin.
Using the latest low of $0.5713 and the high of $0.6105, the Fibonacci retracement and extension levels indicate the following key targets if the price breaks above $0.6347:
Fib extension 1.618: $0.6347 (already reached)
2.618 Fib extension: $0.6738
3.618 Fib extension: $0.7130
4.236 Fib extension: $0.7372
These levels will act as resistance zones if the upward momentum continues. $0.6738 could be the next stop if the announcement on May 14 is positively received.