Pi coin is on a skyrocketing trajectory, gaining 92% in a week. Investors are eagerly awaiting the May 14 announcement, with technical analyses suggesting the cryptocurrency could reach unprecedented highs.
The recent surge in the Pi cryptocurrency is closely tied to its ecosystem update scheduled for May 14th. Historically, such announcements have often acted as catalysts for bullish rallies in the cryptocurrency.
Despite this positive sentiment, Pi is currently trading in a critical demand zone. Although this situation would typically trigger a correction, the price remains stuck in this range, indicating strong buying pressure.
Currently breaking through the uptrend line, Pi could experience a retracement towards the 92 cents zone.
Technical indicators present a slightly different yet still optimistic view. The Average Directional Index (ADX) indicates strong bullish momentum, while the Relative Strength Index (RSI) suggests that Pi could undergo a consolidation phase before its next move.
The majority of investors remain very positive about the Pi token and anticipate a potential rally up to $3. However, a detailed analysis of the charts reveals a slight shift in sentiment as the price approaches this level.
In conclusion, it is at a critical juncture where a significant rise towards $1.82, or even $3, is possible, provided that the bulls maintain their current momentum.
For now, Pi seems to be hanging by a thread, as speculation has driven its price up in anticipation of May 14. The risks of “sell the news” are still present, and the resistance at $1.7 remains strong.
In conclusion, it will be important to monitor what unfolds in the coming days and watch the key levels. With a positive reaction, the token could quickly reach $1.8.
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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