PI of Pi Network has recorded a 1.35% decrease in 24 hours with a trading volume of $52.75 million. This records a change of 23.85% in daily trading volume. Furthermore, with a price of $0.6360, the PI coin has a market capitalization of $4.69 billion.
Despite the ongoing recovery in the cryptocurrency market, the PI cryptocurrency has a year-to-date (YTD) profit of 62.73% and is trading at a discount of 78.63% from its all-time low (ATL) of $2.98. This raises concerns among investors about the future prospects of this cryptocurrency project. People are currently expecting a 200% increase for the Pi Network token.
While a group of investors is losing interest in this altcoin due to various concerns, a large group of investors remains very optimistic about this altcoin. This optimism arises because this project has a large community and plays a significant role in the blockchain ecosystem.
Considering historical sentiments, this altcoin has shown multiple spikes since its inception. This indicates that a similar trend can be expected due to updates, newer upgrades, and increased adoption. Now let’s delve into the technical issues of the PI token.
The Volume indicator shows a strong increase in the first half of May, indicating bullish price action. However, since then, it has shown sideways price action, highlighting a cooling-off period for the altcoin, indicating a potential bullish reversal in the near future.
The Bollinger Bands (BB) display narrow bands after a significant price drop in May. This trend usually indicates price consolidation in the cryptocurrency market. Additionally, the PI coin is oscillating in the lower half of the BB band, indicating weak price action in the shorter time frame.
The Bear Bull Power (BBP) indicator shows continuous negativity on the price chart. This indicates that the bullish momentum is fading. However, optimism for this altcoin is rising to new highs every day, highlighting the potential for a trend reversal.
How high will the price of PI rise?
A strong bullish breakout could lead this altcoin to test the key resistance level of $1.1750 by reflecting the price action of May. Assuming hype increases and adoption rises, it could lead to the next major resistance area of $1.86, resulting in a 200% increase from the current valuation.
However, this price target is unattainable in the short term unless a series of major events occur. The immediate resistance target for this altcoin is $0.85. Conversely, if the short sellers dominate the market, then the price of PI may fail to regain upward momentum and test the important support level of $0.5155 this month.