Pi Network’s PI coin price has recorded a drop of 1.35% in 24 hours with a trading volume of $52.75 million. This records to a change of 23.85% in its intraday volumes. Moreover, with a price of $0.6360, PI coin has a market capitalization of $4.69 billion.
Despite the ongoing recovery in the crypto market, the PI crypto has a Year-to-Date (YTD) return of 62.73% and is trading at a discount of 78.63% from its all-time low (ATL) of $2.98. This has left its investors wondering about the future prospects of this crypto project. People are now expecting a 200% surge for Pi Network’s token.
While a set of investors are losing interest in this altcoin due to multiple concerns, a large set of investors are still highly optimistic about this altcoin. This optimism arises as this project has a massive community and plays a vital role in the blockchain ecosystem.
Considering the historic sentiments, this altcoin has displayed a meteoric rise multiple times since its inception. This shows that a similar trend can be expected as a result of newer updates, upgrades, and increasing adoption. Let us now understand the technicalities of the PI token.
The Volume indicator shows a sharp rise during the first half of May, indicating increased price action. However, since then it has displayed a sideways price action, highlighting a cool-off period for the altcoin, suggesting a potential bullish reversal in the upcoming time.
The Bollinger Bands (BB) displays narrow bands following a major price drop during the month of May. This trend typically suggests a consolidated price action in the crypto market. Additionally, the PI coin hovers within the lower half of the BB band, suggesting a weak price action in the shorter time prospects.
The Bear Bull Power (BBP) indicator shows a constant negativity in the price chart. This suggests fading bullish action. However, the optimism for this altcoin is rising toward a new high each day, highlighting a possible trend reversal.
How High Will PI Price Rise?
A strong bullish breakout could result in this altcoin retesting its major resistance level of $1.1750 by mirroring its price action of May. Suppose, the hype intensifies and adoption increases, it could lead it heading toward its next major resistance zone of $1.86, making it a 200% surge from its current valuation.
However, this price target is not possible in a short period unless a major set of events occurs. The immediate resistance target for this altcoin stands at $0.85 respectively. On the contrary, if the bears dominate the market, then the PI coin price may fail to regain momentum and retest its crucial support level of $0.5155 this month.
Also Read: Bitcoin, Ethereum, XRP Show Bullish Signals as US CPI Cools
