Pi Network (PI) Soars 20% as Bullish Indicators Signal Breakout Above $0.75
- Pi Network (PI) price rises 20.20% in 24 hours, hitting $0.7265.
- Market cap reaches $4.98B with 212.80% volume growth.
Pi Network (PI) recorded a sharp 20.20% daily gain, rising to $0.7265. The market cap climbed 20.50%, reaching $4.98 billion, as daily trading volume soared 212.80% to $497.1 million.
The market cap ratio, now at 9.9%, confirms aggressive interest from traders. Despite a capped supply of 100 billion PI, only 6.86 billion currently circulate, giving Pi a fully diluted valuation (FDV) of $73.12 billion.
Will PI Surge Further?
On the four-hour chart, PI reversed its prior downtrend, establishing short-term momentum. Resistance stands near $0.75, while support holds firm around $0.65. A sustained break above resistance could push PI toward $0.82.
If support fails, the price may retest the $0.60 mark. However, current momentum favors the upside. The Relative Strength Index (RSI) surged to 71.29, entering the overbought zone.
This shift signals strong bullish pressure. Meanwhile, the 14-period RSI average trails behind at 57.32, reflecting a rising trend with increasing buying strength. If the RSI stays elevated, further price appreciation becomes likely.
The Chaikin Money Flow (CMF) reads -0.04, slightly negative but close to the neutral threshold. This figure suggests limited distribution pressure despite the volume spike. If the CMF flips positive, it may confirm broader accumulation by market participants.
Additionally, price action now sits comfortably above both moving averages, affirming short-term strength. If volume sustains, bulls could challenge higher resistance levels with conviction. However, sharp pullbacks remain possible due to RSI conditions.
Technically, the bounce from Aprils low formed a higher low structure, aligning with broader recovery signs across altcoins. As long as PI holds above the $0.65 support zone, sentiment should remain positive. A breakout above $0.75 could validate further upside potential, while failure to hold support might trigger short-term weakness.
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Read more: https://thenewscrypto.com/pi-network-pi-soars-20-as-bullish-indicators-signal-breakout-above-0-75/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
