While the native cryptocurrency of Pi Network posted an impressive revival in mid-March, it lost momentum and has been underperforming over the past several days.
According to one analyst, though, its price may soon pump by triple digits, assuming it surpasses an important resistance level.
Time to Shine Again?
Earlier in March, PI spiked to a multi-month high of roughly $0.30 following major protocol updates and support from the leading crypto exchange Kraken. However, a classic “sell the news” effect observed around Pi Day led to a substantial pullback, and the asset currently trades at around $0.17 (per CoinGecko’s data), representing a 12% decline over the past two weeks.
Despite the downtrend, some market observers remain optimistic that PI could experience another resurgence in the near future. For instance, X user Buzz Builder recently predicted that a “big pump is coming,” adding that Pi Network “is building.”
ALTS GEMS Alert was a bit more precise, arguing that months of sideways action at around $0.17 typically lead to a “massive move.” The analyst forecasted that overcoming the important $0.20 level may open the door to a price explosion to as high as $0.40.
“Accumulation looks complete. Ready for the breakout,” they concluded.
PI’s Relative Strength Index (RSI) indicates that a move north may indeed be on the horizon. The technical analysis tool tracks the speed and magnitude of the latest price changes to help traders identify potential reversal points. It runs from 0 to 100, where anything under 30 suggests the asset has entered oversold territory and could be due for a rally. On the other hand, ratios above 70 typically signal that a correction may be approaching. Currently, the RSI stands at around 35, or quite close to the bullish zone.
The Warning Signs
Nonetheless, not everything points upward. The upcoming token unlocks, combined with the growing amount of PI flowing onto exchanges, suggest the price may head south in the short term. Data shows that over 207 million coins will be released in the next 30 days, with an average daily unlock of almost 7 million. April 9 is shaping up to be the record day when 18.2 million PI will be freed up. This development will give investors the chance to cash out tokens they have been waiting for a long time, but it doesn’t guarantee a pullback.
The rising number of PI tokens sitting on exchanges tells the same story. Over the last 24 hours, approximately 1.3 million coins have been transferred to such platforms, bringing the total balance to 475.2 million. This is often interpreted as a pre-sale step.
The post Pi Network (PI) Could Soar by 130% but Under This Key Condition: Details appeared first on CryptoPotato.
Check out what needs to happen for PI to hit $0.40. Crypto Bits, Crypto News, Pi Network (PI)
This articles is written by : Nermeen Nabil Khear Abdelmalak
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