Pi Network has surged 70% in the past 24 hours, pushing its market capitalization to $16 billion. Current technical indicators suggest potential for continued growth as well as a possible correction.
Pi Network's Uptrend Gains Strength, ADX Hits 57.7
According to market data, Pi Network’s Directional Movement Index (DMI) confirms an exceptionally strong uptrend. The Average Directional Index (ADX) surged from 12.3 to 57.7. The Positive Directional Indicator (+DI) climbed from 14.6 to 40.9, signaling strong buying pressure, while the Negative Directional Indicator (-DI) dropped to 1.1 from 19.4, indicating minimal selling resistance.
Technical Indicators Flash Caution as BBTrend Declines
Despite the uptrend, the Bollinger Bands Trend (BBTrend) indicator has dropped to -11, marking a sharp decline from its previous reading of 51.2 three days ago. This suggests a potential correction.
Will Pi Network Reach $4 in March?
With strong trading activity and bullish sentiment, Pi Network could attempt to break the $3.5 resistance level and push toward $4. However, the possibility of a price correction may lead to a pullback to key support levels.
Pi Network's market demonstrates significant interest, but technical indicators suggest a period of consolidation or correction may be ahead. Trading volume remains high, but traders should be cautious of potential price changes.
