The indicators for PI and market sentiment support a long-term upward trend.
PI has garnered strong interest from investors, with most optimistic about its continued rise.
Bullish market sentiment may propel PI into new territory, aiming for the $2 landmark.
Pi Network [PI] has risen 30% in the last 24 hours, becoming one of the most valuable tokens in the market as investor interest remains high.
Community sentiment and recent accumulation suggest that PI will return to the $2 level it exited earlier this year.
PI has gained the majority of market attention.
The recent rise of PI can be attributed to the community's high engagement in the market.
Community sentiment is a tool on CoinMarketCap that helps determine whether investors are bullish or bearish on an asset.
As of the time of writing, PI's sentiment index is as high as 88%, indicating that most market participants expect the token to continue rising. This bullish sentiment is reflected in the trends of price and volume.
As the price surged 30%, the trading volume also jumped 155.25%, reaching $597.53 million.
This marks the highest trading volume level for PI in the past 30 days. Historically, the simultaneous surge in both volume and price often indicates strong market momentum, positively influencing price trends.
What is driving market development momentum?
Technical indicators can present a clearer picture of PI's expected outcomes.
The Relative Strength Index (RSI) measures the speed and change of price movements on a scale of 0 to 100, indicating that the market is currently in an overbought state.
As of the time of writing, the RSI value reached 76.13 (above the 70 threshold), which is enough to prove this point. This indicates that PI may soon enter a correction phase, with a potential price decline.
However, analysis of the Moving Average Convergence Divergence (MACD) indicator suggests that the correction may be minor.
This is based on multiple signals: first, the MACD line (blue) remains above the signal line (orange); moreover, the MACD line has entered positive territory for the first time.
These signs indicate that buyers remain active in the market, and any predicted decline may be a move by investors to trigger lower entry orders before the next upward trend.
Analysis of PI's path towards $2.
PI has currently reached a resistance level on the 1-day chart, consistent with the RSI predicted correction phase. This means that PI may briefly pull back from the resistance level before resuming its bullish trend.
If the currency successfully recovers this resistance, it may trend towards the $2 region, the peak of its previously exited downward channel.
The rise to this level depends on continued buying from investors and is supported by the overall bullish sentiment for the token.