The Pi Network token has started to rise again after a prolonged decline. This article examines the current trends in the charts and potential price forecasts.
Current Trends on the Chart
On the daily chart, the price of the Pi token is around $0.6083, representing a 9.57% gain for the day. Notably, the price has broken above the short-term resistance level of $0.575 and has closed above it for the first time in weeks. However, the 20-day and 50-day moving averages still act as resistance, with the 50-SMA at $0.657.
Short-term and Mid-term Forecasts
Looking at the hourly chart, a supportive picture emerges. After a flash crash below $0.52, the price quickly rebounded, forming a bullish structure. With the price around $0.6241, a recent crossover of moving averages indicates potential short-term growth. If the price holds above $0.60, a move towards $1 seems plausible, which is also a key psychological barrier.
Risks for Investors
Despite positive signals, it is crucial to note that the PI token is still trading below all major daily moving averages. If bulls fail to hold above $0.60, a drop back towards $0.55 or even the recent low of $0.50 might occur.
Current trends suggest that Pi Network may stabilize and return to the $1 mark, but remaining resistance levels must be cleared. Investors should remain attentive to market conditions and ongoing trends.
