Pi Network price has rebounded 5.2% in 24 hours with a 6.9% increase in trading volume to $139.4 million
Technical indicators show mixed signals with RSI at 42.7 suggesting a potential trend reversal
Price is holding support at $0.61 while forming a consolidation range of $0.60-$0.65
MACD has turned bullish with the 12-day EMA now above the 26-day EMA
Pi Network has upcoming catalysts including a Consensus 2025 presentation and potential exchange listings
The Pi Network cryptocurrency is showing early signs of recovery after experiencing a prolonged downtrend since reaching its peak near $3 earlier this year. Currently trading at around $0.58, PI has seen a 5.2% price increase over the last 24 hours, with trading volume rising 6.9% to $139.4 million.
PI has gained 14% over the past 30 days, suggesting growing momentum despite previous bearish pressure. The cryptocurrency established support at the $0.61 level after sliding from $1.69 to $0.57 during March and early April.
The relative strength index (RSI) stands at 42.7, just above oversold territory. This technical indicator hints at a potential trend reversal as selling pressure appears to be easing.
Price action has shifted into a range-bound phase, with PI trading between $0.55 and $0.73 as buyers and sellers reach a temporary equilibrium. This consolidation has established a base of support in the $0.60-$0.65 range.
While PI currently trades below key moving averages on the daily chart, including the 50-day simple moving average at $0.7978 and the 10-day estimated moving average at $0.6236, tightening Bollinger Bands suggest a possible breakout in the near future.
Technical Indicators Point to Possible Reversal
Several technical indicators are beginning to align in favor of the bulls, although the overall trend remains mixed.
The moving average convergence divergence (MACD) has turned bullish, with the 12-day exponential moving average now positioned above the 26-day EMA. This crossover often signals increased buying momentum and has preceded price surges in previous instances.
The Money Flow Index (MFI), which combines volume and price data, currently hovers around the neutral midpoint. This indicates neither overbought nor oversold conditions, leaving room for potential upward movement.
The Average Directional Index (ADX) sits at 36.82, signaling a strong trend without clarity on direction. A recent decline from its peak suggests slight momentum loss, which could lead to reduced volatility or a shift in market sentiment.
If bullish momentum intensifies, analysts suggest PI could rally toward $0.96, potentially extending to $1.39 in an optimistic scenario. Conversely, failure to maintain support could see prices test lower levels around $0.41.
The next crucial resistance level for bulls to overcome is $0.65, with $0.70 serving as the subsequent target if momentum continues to build.
Despite these promising signals, the market remains cautious. Recent price action has formed successive lower highs and lower lows, while increased volume during sell-offs has reinforced bearish pressure.
Token supply dynamics present an ongoing challenge for PI price stability. With a maximum supply of 100 billion tokens and only about 6.7 billion currently in circulation, upcoming token unlocks could impact price action.
PiScan data indicates that approximately 1.5 million tokens will be unlocked through April 11, with an additional 160.74 million tokens scheduled for release over the next 30 days. In total, about 1.5 billion tokens will be unlocked over the next year at a rate of roughly 130 million monthly.
This increasing supply without sufficient demand growth could potentially exert downward pressure on prices.
However, several upcoming events may serve as positive catalysts for PI. Nicolas Kokkalis, founder of Pi Network, is scheduled to speak at Consensus 2025 this month, potentially bringing new attention to the project.
The mainnet migration continues to progress, with over 12 million users successfully migrated so far. The team recently outlined a roadmap focused on processing referral bonuses, completing initial migrations, and moving to periodic migrations, although no specific timeline was provided.
Market speculation regarding a potential major exchange listing persists. Such a development would significantly boost market access and could spark renewed buying interest.
Despite the current mixed signals, some analysts maintain optimistic projections. CoinCodex predicts PI could increase by 227% to reach $2.02 by the end of May if favorable conditions persist.
The cryptocurrency’s short-term outlook largely depends on whether it can maintain support above $0.55 while gathering momentum to break through resistance at $0.65. Volume trends will be crucial in confirming whether the current upswing can be sustained.
As May begins, PI approaches a pivotal technical juncture. The combination of growing accumulation, weakening selling pressure, and positive divergences in momentum indicators suggests the potential for a meaningful recovery after April’s decline.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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