Pi Network has experienced a sharp price increase of 27% this week, driven by growing investor optimism and an increase in capital inflow. The altcoin is currently trading at $0.73, supported by improved conditions in the broader market.
This jump occurred after a period of consolidation, but now Pi Network is facing a key resistance level that has held for the past seven weeks.
Pi Network investors are betting on a bullish sentiment.
The Relative Strength Index (RSI) for Pi Network is currently in the bullish zone above 50.0, indicating positive momentum. Although it has not yet reached the overbought zone, where reversals typically occur, this suggests that the price may continue to benefit from positive signals from the broader market.
The RSI position supports the idea that the bullish trend may continue, giving Pi Network the potential to break through current resistance.
As the altcoin remains in a favorable technical position, it may continue to rise, provided momentum is maintained from both technical and market factors. The macro momentum of Pi Network is also supported by the Chaikin Money Flow (CMF) indicator, which shows a sharp increase. This indicates that Pi is experiencing a strong influx of capital as investors seek to capitalize on the current bullish environment.
The rise in CMF signals a change in investor confidence, as more capital flows into Pi Network in hopes of profit, as the altcoin gains momentum.
With positive CMF movement, Pi Network has the potential for further price growth. Strong market demand reinforces the positive sentiment, potentially allowing Pi Network to overcome key resistance levels and continue its upward trend. The price of PI is attempting to break through.
The price of Pi Network has risen by 27%, trading at $0.73. The altcoin is holding above support at $0.71. It is now trying to overcome the monthly barrier of $0.78. A successful breakout would mean the continuation of upward momentum and could push the price to new highs.
If Pi Network converts the resistance at $0.78 into support, the next target will be $0.87. This will be an important level to consolidate current gains and boost investor confidence, helping Pi Network maintain its bullish trend. However, if the resistance at $0.78 proves too strong, the price may reverse and fall below $0.71. A drop to $0.61 would nullify the bullish forecast, signaling a potential decline for Pi Network.#BinanceSquare #Write2Earn #crypto #PiNetworkMainnet #Binance $XRP