to leave a comment.
▲ Pi (PI)/ChatGPT generated image ©
Pi Network (PI), which has been suffering from relentless selling pressure, is igniting the spark of a dramatic rebound, buoyed by the unexpected positive news of a temporary suspension of mainnet migration. As buying pressure gradually regains control, optimistic forecasts are emerging that a significant upward rally could unfold if key resistance levels are breached.
According to investment specialized media FXStreet on April 27 (local time), Pi Network is maintaining a stable trend around $0.1800 as of Monday, after surging more than 5% on Sunday. Notably, it has successfully held firm above the 50-day exponential moving average (EMA) at $0.1768, a key support level, thereby establishing a positive short-term buying bias.
The key driving force behind this price recovery is the two-day suspension of mainnet migration, as confirmed by PiScan data. Until now, Pi Network has experienced continuous downward pressure due to the movement of mainnet tokens by so-called Pioneers (token holders), but with this process temporarily halted, the selling offensive that had been weighing down the market is analyzed to have subsided.
Technical indicators also signal the return of buyers. On the daily chart, the Moving Average Convergence Divergence (MACD) histogram is gradually expanding and rising towards the zero line along with the signal line. Additionally, the Relative Strength Index (RSI) is at 56, showing a steady upward trend without reaching overbought conditions, which supports a gradual bullish reversal.
Currently, Pi Network's primary key resistance level is situated at $0.1841, the upper trendline of the descending channel. If it decisively breaks and closes above this resistance on a daily basis, it is expected to extend a significant upward rally past the psychological first hurdle of $0.2000, reaching up to $0.2446, where the 200-day exponential moving average is located.
Conversely, if the upward momentum is exhausted and the price declines, the immediate defense line is expected to be the 50-day exponential moving average at $0.1768. Should even this bottom level be breached, the recent bullish momentum would be considered extinguished, posing a risk of a deeper retreat into the existing long-term downtrend, thus requiring extreme caution from investors.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.