Pi Network Sees Significant Price Recovery amid Market Optimism
Pi Network’s price is showing signs of recovery, bouncing back by over 80% from its April low. Teh Pi coin (PI) token reached a high of $0.7375 this weekend, marking its highest level since march 31. Daily trading volume surged by over 80%, exceeding $700 million.
This rebound comes as the broader crypto market stabilizes. Leading cryptocurrencies like Bitcoin (BTC) and Solana (SOL) have also seen gains this week. BTC climbed to $84,000, while solana reached $130. Traders are optimistic that the Federal Reserve will step in to support the economy amid trade tensions.
Pi Network’s price surge follows an 86% crash from its February peak. Many investors saw this as a buying opportunity. There’s also hope that major exchanges like Binance, Coinbase, Kraken, and Upbit will list the coin this year, possibly boosting its value.
Another factor driving the price is the upcoming launch of burning, wich will help manage the impact of token unlocks and mining rewards. On the 4H chart, PI has broken above the 50-period moving average, a bullish signal. Key indicators like the Relative Strength Index and Awesome Oscillator point upwards, suggesting continued growth.
Though, there’s a risk of a bull trap. If the current pattern forms a small rising wedge,the price might drop and retest the $0.40 support level. Despite this, the token could potentially reach $1.7365, a 135% increase from current levels.
