Pi Network has seen a sharp price increase of 27% this week, driven by growing investor optimism and rising inflows. The altcoin is currently trading at $0.73, supported by the broader market’s improving conditions.
This surge follows a period of consolidation, but Pi Network now faces a key resistance level that has held for the past seven weeks.
Pi Network Investors Bank On Bullishness
The Relative Strength Index (RSI) for Pi Network is currently in the bullish zone above 50.0, suggesting positive momentum. While it’s not yet in the overbought zone, where reversals typically occur, this indicates that the price could continue benefiting from the broader market’s positive cues.
The RSI’s position supports the idea that the bullish trend could extend further, giving Pi Network the potential to break its current resistance.
As the altcoin remains in a favorable technical position, it may continue to rise, provided it maintains its momentum from both technical and market-driven factors.
Pi Network’s macro momentum is also supported by its Chaikin Money Flow (CMF), which shows a sharp uptick. This suggests that Pi is experiencing strong inflows, with investors attempting to capitalize on the current bullish environment.
The increase in CMF signals a shift in investor confidence, as more capital is being directed toward Pi Network in hopes of profit as the altcoin gains momentum.
With the CMF showing positive movement, Pi Network has the potential for further upward price action. The strong demand in the market is reinforcing the positive sentiment, potentially enabling Pi Network to push past key resistance levels and continue its upward trajectory.
PI Price Attempts To Breakout
Pi Network’s price is up 27%, trading at $0.73. The altcoin is holding above the support of $0.71. It is now aiming to break the month-long barrier of $0.78. A successful breach would signify continued upward momentum and could drive the price to new highs.
If Pi Network flips the $0.78 resistance into support, the next target would be $0.87. This would be an essential level to secure the current gains and boost investor confidence, helping Pi Network maintain its bullish trend.
However, if the resistance at $0.78 proves too strong, the price could reverse and fall below $0.71. A drop to $0.61 would invalidate the bullish outlook, signaling a potential downturn for Pi Network.
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Disclaimer
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