PI Network Jumps 30% Amid Bullish Market Signals
Key Takeaways
- PI Network saw a 30% price increase within 24 hours.
- Trading volume surged by over 155% during the same period, reaching approximately 597 million USD.
- Technical indicators suggest short-term overbought conditions, but continued buying interest remains.
- A rise to 2 USD is possible if current market sentiment persists.
Strong Price Movement for PI Network
The cryptocurrency PI Network (PI) attracted attention over the past 24 hours. With a 30% price gain, PI is currently among the most notable altcoins on the market. At the same time, daily trading volume climbed to 597.53 million USD — an increase of 155.25% and the highest level in the past 30 days.
Such parallel increases in price and volume often indicate strong market interest. Investors are currently highly active, which is also reflected in strong community participation.
High Level of Community Sentiment
A look at the so-called Community Sentiment — an analysis tool from CoinMarketCap — shows a value of 88%. This means that the majority of market participants expect further price increases. This sentiment supports the current upward movement and could help PI establish itself at a higher price level.
Technical Analysis: Between Correction and Trend Continuation
The Relative Strength Index (RSI) is currently at 76.13. Values above 70 indicate overbought conditions. This means a short-term correction is likely. Investors may take profits during this phase, which could lead to a slight price decline.
However, the MACD (Moving Average Convergence Divergence) indicator shows a different picture. The MACD line is above the signal line and in positive territory. This signals continued buying pressure. Such indicators suggest that any potential price dips may be seen as buying opportunities — with the goal of benefiting from further upward movement.
Resistance at 2 USD in Focus
PI is currently facing technical resistance on the daily chart. If this area is broken, the price could rise toward the 2 USD mark. This level represents the upper boundary of a previously abandoned downtrend.
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Whether PI reaches this target largely depends on continued investor buying behaviour. The current momentum and positive sentiment suggest that another attempt at the 2 USD zone is realistic.
Our Assessment
PI Network is currently showing strong market performance, supported by high community engagement and positive technical indicators. A short-term price correction is possible, but the long-term trend remains intact. Investors already holding PI or planning to enter should keep an eye on the 2 USD level. It serves as an important indicator for future developments.
Sources
- CoinMarketCap
- TradingView
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