Despite facing challenges after reaching its recent peak, Pi Coin investors are showing signs of optimism. With a 7% increase this week, the alternative token could be set for a new bullish trend in the coming weeks.
Despite the challenges faced by Pi Coin since its peak of nearly $3 in February, new prospects seem to be emerging for this cryptocurrency. With a 7% increase this week, the coin now has a market capitalization exceeding $4 billion.
Technically, Pi Coin is showing encouraging signs of improvement. After hitting lows in April, its Relative Strength Index (RSI) started a gradual recovery, indicating increasing accumulation, although still at a moderate pace. Overall, traders appear cautiously optimistic about the future of Pi Coin, considering its historical volatility and relatively low liquidity on exchanges.
As mentioned in a previous article, PI has returned to the demand zone at $0.55 and has bounced back well. It is likely heading towards our next target announced at $0.72. At this level, PI is highly likely to turn down again. Caution will be necessary at this price range.
A breakout above $0.79 could further extend the rise, support the bullish reversal, and increase the probability of a return to a new ATH.
This positive momentum is largely due to the upcoming Consensus Summit scheduled from May 14 to 16. During this major event, Dr. Nicholas Kokkalis, founder of the Pi network, is expected to speak, raising high hopes among investors.
According to analysts, this platform could be the scene of significant announcements and updates for the project, likely to boost the price of Pi Coin. Some experts, like Dr. Altcoin, believe that the token price could reach $1.70 by mid-May, representing an increase of nearly 170% from current levels.
Despite the encouraging signs, Pi Coin is not entirely out of the woods yet. The lack of major catalysts, such as listings on top exchange platforms or substantial mainnet updates, continues to limit its momentum.
Furthermore, the unlocking of 7.8 million P tokens today could exert temporary downward pressure on prices. Investors will need to remain vigilant given the historical volatility of this cryptocurrency.
Despite these challenges, analysts remain overall optimistic about the prospects of Pi Coin. With encouraging technical momentum and key events on the horizon in the coming weeks, the coin could breathe new life and surpass the symbolic threshold of $1.70. Stay tuned in the following days!
In conclusion, Pi Coin still has a potential increase of 18% in the next 10 days up to $0.73. However, the Summit event could result in a “sell the news” scenario, so profits should be taken for those looking to invest in Pi Coin now.
For those interested in investing in Pi, here is a practical guide to buy it on the Bitget exchange right away:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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