Pi Network’s native token, PI, has witnessed an explosive 54.4% surge in the last 24 hours, reaching an all-time high (ATH) of $3. Some experts predict that PI could climb to $4, but technical indicators suggest a potential market correction. Let’s dive into the latest price trends and forecasts for Pi Network.
Pi Network’s Price Surge & Market Performance
At the start of February 20, PI was trading at around $0.1008. On its launch day, the token skyrocketed by 765.87%, peaking at $2.208 before experiencing a 17.55% dip due to profit-taking. Between February 22 and 25, PI grew by 121.94% but failed to break its initial ATH.
However, on February 26, PI witnessed another massive single-day gain of 76.01%, surpassing its previous peak and setting a new ATH of $3. This strong rally has raised speculations about PI’s next price movement.
DMI Indicator Signals Strong Bullish Trend
The Directional Movement Index (DMI) on the four-hour PI chart signals a robust uptrend. With the Average Directional Index (ADX) at 59, Positive Directional Index (+DI) at 36.88, and Negative Directional Index (-DI) at 5.92, buying pressure significantly outweighs selling activity. The DMI suggests that PI’s bullish momentum remains strong, fueling optimism for further gains.
BBTrend Indicator Hints at Possible Correction
Despite the bullish outlook, the BBTrend indicator on the two-day chart raises concerns. Currently, the BBTrend reading stands at -9.1491, a sharp drop from its February 24 high of 50. This decline suggests that PI’s price may be overextended, increasing the likelihood of a market correction or consolidation.
Additionally, Bollinger Bands indicate that PI’s upper resistance is at $3.1846, with the baseline at $2.1894 and the lower band at $1.1936. Currently, PI is trading at $2.5799, hovering near critical resistance levels.
If PI maintains its upward momentum and breaks above the psychological $3.5 level, experts suggest it could reach $4. However, if selling pressure intensifies, PI may drop to $1.7 or even as low as $0.79 in a severe correction.
Also Read: Lost Your Pi Network Passphrase? Here’s How to Recover It Quickly and Securely!
As PI continues to make waves in the crypto market, traders should closely monitor these key indicators to navigate potential opportunities and risks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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