Cryptocurrency Pi Network Surges 35% in 24 Hours
The surge in Pi Coin's price has been driven by whale activity and the Pi Core Team's efforts to stabilize prices, but analysts remain cautious due to limited transparency and past allegations, as the cryptocurrency's future hangs in the balance, with technical indicators suggesting a potential downtrend.
Pi Coin, the native token of the Pi Network, has experienced a significant price surge, increasing by 35% in the past 24 hours to reach $1.29, with a market capitalization of $8 billion, surpassing established cryptocurrencies like Litecoin and Bitcoin Cash.
The price increase was triggered by a wave of whale activity, with over 90 million Pi coins being transferred across exchanges, resulting in a 278% spike in trading volume. The Pi Core Team is reportedly buying Pi from exchanges to stabilize prices, and a major announcement is expected on May 14, fueling further market optimism. Technical indicators suggest strong bullish momentum, with Pi Coin maintaining its position above key Exponential Moving Averages and signaling continued upward movement via the MACD and RSI indicators.
However, analysts advise caution due to limited transparency and past scam allegations. The Pi price has broken the $1.30 support level, and its rally is in question. The market sentiment has shifted, and the Fear and Greed Index has recovered from Extreme Fear to Greed. Despite this, the price has broken its bullish structure, and a downtrend has started, with the Relative Strength Index (RSI) not moving to oversold levels, but the MACD's histogram dropping to extremely low levels, indicating significant selling pressure.
The key support to watch is the 200-period exponential moving average (EMA), and if the price fails to break above $1.30, it could result in another significant downtick. The price area of $0.80 to $1.1 seems to have enough buying pressure, and bulls will likely try to push the price above this former support to flush out short sellers and get the rally going again, as the cryptocurrency community awaits the Pi Core Team's announcement with bated breath.