Pi crypto price eyes a breakout ahead of Consensus news
Pi Network price surged in a high-volume environment on Friday, mirroring the broader crypto market rally driven by Bitcoin and major altcoins.
Pi Coin Pi Network
PI
-2.71%
Pi Network token surged to an intraday high of $0.78 on Friday, its highest point since April 12, and 41% above its lowest level this month. The 24-hour volume soared by 170% to $353 million.
Two broader factors drove this rally. First, it surged as Bitcoin Bitcoin
0.43%
Bitcoin and most altcoins soared, pushing the total crypto market cap to over $3.25 trillion. This surge was because of the ongoing Bitcoin accumulation and the rising hopes of trade deals between the US and other countries.
Second, the Pi Network community is anticipating a major ecosystem announcement next week. The timing aligns with the Consensus event in Toronto, where Pi Network’s founder Nikkolas Kokkalis is scheduled to speak. The depth of the cup is approximately 30%. A measured move from the breakout point suggests a potential upside target of $1.10, a 41% rally from current levels. This move could materialize ahead of the expected announcement on May 14.
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