The PI network explodes by 99 % a week – is this the returning bulls waiting for? Cryptomode
After weeks of Sideways Chop, the PI has finally broke the resistance, increasing more than 90 % in the past seven days to restore $ 1.19 at the time of writing this report.
This penetration follows a long period of merging between $ 0.57 and $ 0.61, with momentum accelerating now to major technical areas.
Pi Network Outlook
The movement of the price on the daily chart shows the PI fracture over both EMA for 21 days (0.6833 dollars) and SMA for 50 days (0.7354 dollars), as the previous resistance fluctuates to support.
The relative power index entered the peak purchase area in 81.9, while MacD Momntum continues to expand it upward. Stochastic oscillator readings confirm above 79 degrees in the short term, but the trend is still intact.
The folder exploded, with 24 hours trading exceeding $ 2.15 billion. PI rose to $ 1.67 before declining modestly. This high -voltage explosion comes as the PI Core team is preparing to announce the ecosystem on May 14, which can present the new Mainnet features or migration features.
The distinctive symbol opens cooling, but supply concerns are still ongoing
Perhaps the most relevant driver behind the last gathering is the noticeable slowdown in opening the distinctive symbol. According to PISCAN data, daily emissions decreased from more than 13 million symbols per day to about 3.8 million in early May. However, with more than 100 billion icons like Max Supply and only 7 billion in trading, mitigation fears are still high.
Even with slowing down, the pressure side pressure has not disappeared. Some first users cancel full portfolios to overcome lock mechanics, which reflects continuous doubts despite the growth of the ecosystem.
Technically, the PI must exceed $ 1.05 – 1.10 dollars to confirm a low decrease and maintain the bullish momentum. You can follow a clean re -test of $ 1.35 – $ 1.50 if May 14 provides this noise. However, the failure to exceed $ 1.67 can turn this step into another short -lived height.
While no major exchange lists have been confirmed, speculation continues after the Binance community voted to include PI into its environmental system. A sudden list remains a catalyst for land cards that can restore prices to the highest levels of February near $ 3.
