A recent spike in trading volume for Pi Coin has captured traders' attention despite a price pullback.
Trading Volume and Technical Analysis
The trading volume for Pi Coin unexpectedly increased by 11%, reaching $90 million. Some technical analysts suggest that Pi Coin may be nearing a reversal phase, with a possible double-bottom formation near the $0.40 level, which, if confirmed, could trigger a move towards the $1 mark.
Pi Network Ecosystem Updates
One of the factors bolstering optimism is the latest updates from the Pi Network team, including the launch of Pi AI Studio — a framework for building AI applications. Additionally, tools like the Pi Wallet and the .pi domain system enhance the expanding ecosystem, which boasts a verified KYC user base of 13 million.
Speculations and Risks
Despite the encouraging signals, bulls remain cautious. A breakdown below the $0.4047 level could invalidate current bullish setups and pose risks for further declines.
As traders hold on to hopes for a price recovery, the key levels remain under scrutiny, and recent ecosystem updates may play a crucial role in Pi Coin's future.
