Pi Network Sees Impressive Price Surge Amid Market Stability
Pi Network (PI) has experienced a significant price rebound over teh past ten days. the coin, known for its tap-to-earn model, reached $0.755 on Monday, its highest point sence March 29. this marks a 92% increase from its lowest point this year.
Before this surge, Pi was in a downward trend as early users, called pioneers, began selling their coins. The coin also faced challenges due to delays in centralized exchange listings adn concerns about token dilution. Over 1.56 billion tokens will be unlocked in the next year, possibly causing more dilution.
The Pi recovery coincided with BitcoinS resilience, staying above $80,000 despite market volatility. The four-hour chart shows Pi formed a falling wedge pattern, a bullish signal, before breaking out.
However, there are signs of a potential reversal. A rising wedge pattern has emerged, often a bearish indicator. The Percentage Price Oscillator and Relative Strength Index also suggest a bearish divergence.
If Pi breaks below the current level, the next support is at $0.3979. But if it surpasses the woodie pivot point at $0.8610, it could aim for $1, a 32% increase from today’s price.
