The price of Pi Network has surged over 100%, attracting heightened interest in the token. It's crucial to evaluate current trends and price levels.
Spike in Price and Investor Interest
Pi Network's price has significantly increased over the last 24 hours, returning to levels near its all-time high. After the initial launch, the price dropped to $0.60, leaving early investors with losses. However, the recent rally has rekindled interest in the token, sparking discussions about whether to secure profits. Analysts like Gem Hunter note that trading volume for Pi on Gate.io now surpasses that of Bitcoin and Ethereum. CryptoTA_King describes this run as 'unstoppable,' underscoring the growing bullish sentiment around the token.
Technical Analysis: Breakout in Charts
The 1H timeframe chart of Pi reveals a symmetrical triangle pattern preceding the breakout. Initially, the price spiked to close to $3.00, followed by a steep drop before stabilizing. Buyers regained control, pushing the price past key resistance levels. The lower trendline of the pattern showed higher lows, indicating strong buying pressure.
Support and Resistance Levels
Pi Network has established a strong support zone at $0.60-$0.70, where the price consolidated before the recent surge. Breaking above $1.30-$1.50 is crucial to watch for future price directions. There's resistance between $1.70-$2.00, where some traders might take profits. If buying pressure remains strong, the price could revisit its previous all-time high.
The current surge in Pi Network's price and trading activity have captured significant interest, but it's essential to monitor key support and resistance levels for informed trading decisions.
