Pi Coin Surges 80% as Economy Intervention Looms

Pi Network's price has rebounded by over 80% from its lowest level in April, reaching a high of $0.7375 this weekend, its highest level since March 31, with traders anticipating potential intervention from the Federal Reserve to support the economy.

The significant price surge is also attributed to the optimism surrounding the potential listing of the Pi Coin on large exchanges like Binance, Coinbase, Kraken, and Upbit later this year, which could attract more investors to the cryptocurrency. Additionally, the launch of burning, a mechanism designed to offset token unlocks and mining rewards, is seen as a catalyst for the price rebound. The daily volume of Pi Network has also risen by over 80% to over $700 million, with top cryptocurrencies like Bitcoin and Solana also experiencing a bounce back.

The Pi Ad Network, a key component of the Pi ecosystem, has also expanded to allow all Pi Apps to monetize their attention through the Pi Browser. This development enables developers to earn Pi in proportion to the attention their apps generate, promoting a healthier app ecosystem and benefiting the entire community. The network's unified framework allows eligible developers to integrate ads into their apps and earn revenue in Pi, aligning with the community's benefits.

As the Pi Coin continues to rise, technical analysis suggests that it will likely continue to increase, with bulls targeting the key resistance at $1.7365, a 135% increase from the current price. However, there is also a risk of a bull trap, which could result in a drop and retest of the support at $0.40, emphasizing the need for investors to remain cautious and monitor market developments closely.