Pi Network emerges as one of the week's top-performing cryptocurrencies, soaring 68% from its yearly low to reach $0.2817. Traders are now closely monitoring whether this momentum is sustainable or just a temporary pump.
Technical analysis of Pi Network reveals several encouraging signals for holders. The RSI currently sits around 65, indicating solid buying strength without entering overbought territory. This configuration leaves room for a continuation of the bullish movement before reaching saturation levels.
The price has broken above its 50-day exponential moving average with substantial volume, a classic trend reversal signal that experienced traders watch closely. The market structure also shows the formation of higher lows since the beginning of the year, characteristic of a developing bullish trend.
Resistance levels are now situated around $0.30 and $0.35, important psychological thresholds that could trigger profit-taking. On the other hand, support has established firmly around $0.24, offering a protection zone in case of a pullback. Attentive traders will note that each correction has been quickly bought up, indicating robust underlying demand.
Beyond technical analysis, several fundamental factors are fueling this positive momentum. The Pi Network ecosystem continues to develop with the integration of new decentralized applications and the expansion of its mainnet. This organic growth attracts new users and strengthens the token’s real-world utility.
Market sentiment has significantly improved regarding Pi Network, particularly after years of skepticism about its viability. Centralized exchanges continue to add PI trading pairs, improving liquidity and accessibility for institutional investors. This increased liquidity reduces extreme volatility and allows for more predictable price movements.
On-chain data also shows a decrease in tokens available on exchanges, suggesting that holders are adopting a long-term holding strategy rather than selling during peaks. This reduction in available supply, combined with increasing demand, creates a natural upward pressure on the price. The coming weeks will be crucial in confirming whether this trend can transform into a sustainable rally or if consolidation is needed before the next leg up.
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