Though resistance beneath $0.80 seems to be stopping the advance, Pi Network's recent price movement gives many buy signs.
The Pi Network crew teases a significant revelation on May 14 to generate coin trading interest and conjecture.
Together with resistance below $0.80, overbought circumstances indicate a possible trend correction before the weekend.
At $0.75 at the time of writing on Friday following a second consecutive day of double-digit improvements, Pi Network (PI) pricing extends gains. A broad-based optimistic momentum as risk-on attitude soared after a limited bilateral trade deal between the United States (US) and the United Kingdom may help to explain the tailwind on PI. Still, aside from the general bullish market atmosphere, the Pi team hinted to a major announcement on May 14, which would generate buzz and conjecture among consumers.
Pi Network's rise pauses sometimes
Thursday's important ecosystem announcement by the Pi Network Core team sparked conjecture about, among other things, a listing on Binance, the biggest exchange by trading volume.
The announcement follows a significant improvement on the platform that maintains tight security criteria but makes the mainnet ecosystem more accessible to consumers. Before the migration ends, confirmed pioneers—including those with full or provisional know-your-customer (KYC) approval—can activate Mainnet wallets using the Pi Wallet software according to a blog post dated May 2.
After meeting predefined KYC standards, the new capabilities enable non-users immediately create Mainnet wallets via third-party services, therefore joining the ecosystem. With this version, Pi Network hopes to increase inclusiveness and hasten worldwide acceptance before the Open Network introduction.
Pi Network upswing poised to keep on
Following selling pressure at $0.77, Pi Network's surge pauses momentarily before working to close the difference at $0.80. Right now, the token moves at $0.75 and increases more than 16% on the day of writing.
A purchase signal from the SuperTrend indicator has helped its advance to be sustained since April 30. When the trend-following indicator slips below the price and changes its color from red to green, such a signal is verified.
This motivated traders to position themselves ahead of a possible breakout, which acquired momentum as price broke above the declining trendline resistance as the 4-hour chart below shows.
Signing strong positive momentum, Pi Network's uptrend moved over the 50-, 100-, and 200-period Exponential Moving Averages (EMAs). But very overbought circumstances shown by the Relative Strength Index (RSI) indicator at 85.78 contradict the uptrend and suggest rising profit-taking opportunities.
Under diminishing trader interest and confidence, a reversal of the RSI indicator into the neutral zone below 70 would provide a clear sell signal. Key support levels likely to absorb the selling pressure should be the 200 EMA at $0.68 and the confluence region at $0.62, which corresponds with the 50 EMA and the 100 EMA. Should a loss occurr.
Thus, discounting a larger-than-expected surge over $0.80 might be foolish in the next days, particularly given the Pi Core team's hints of a significant ecosystem disclosure for May 14.
