Pi Network holds $0.61 support as RSI hints at a reversal
Pi Network is showing signs of stability after holding the $0.61 support level, with the relative strength index suggesting a possible trend reversal.
With a 6.9% increase in trading volume to $139.4 million, Pi Network ( PI ) has risen 5.2% over the last 24 hours and is now 14% up over the last 30 days. The relative strength index, at 42.7, is currently just above oversold territory.
The majority of moving averages continue to indicate a bearish trend, but momentum indicators such as the moving average convergence divergence indicate a buying opportunity.
Pi Network price analysis. Credit: crypto.news
PI is trading below important moving averages on the daily chart, with the 50-day simple moving average at $0.7978 and the 10-day estimated moving average at $0.6236. However, a base of support has been established by consolidation in the $0.60–$0.65 range, and tightening Bollinger Bands suggests a possible breakout. The next crucial level to keep an eye on is $0.70 if bulls can break through the resistance at $0.65.
Even though the price is stabilizing, several important factors will determine Pi Network’s long-term success. The mainnet migration is still in progress, with over 12 million users migrated so far.
A roadmap that focuses on processing referral bonuses, finishing initial migrations, and then moving on to periodic migrations was recently presented by the team. However, no timeline was provided for these benchmarks.
Pi’s token supply presents another challenge. With a maximum supply of 100 billion tokens, only about 6.7 billion tokens are currently in circulation. It is anticipated that 1.5 billion tokens will be unlocked over the next year, or roughly 130 million every month. Rising supply without sufficient demand may cause prices to decline.
Still, upcoming events may serve as catalysts. Nicolas Kokkalis, the founder of Pi Network, is scheduled to give a speech at Consensus 2025 this month. Announcements regarding new decentralized application or know-your-business approvals may increase investor interest.
Although sentiment is still bearish for the time being, CoinCodex predicts that PI could increase by 227% to $2.02 by the end of May. A major exchange listing, which traders have been speculating on for months now, could significantly boost market access and spark a new rally.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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