Pi Network (PI), a mobile-based cryptocurrency project launched in 2019, has yet to release its token onto the open market. However, that hasn’t stopped some exchanges like Huobi and Bitmart from listing unofficial IOUs (tokens representing future delivery of PI). It’s crucial to remember that these IOUs are not endorsed by the Pi Network project itself.
Pi has not been listed on any exchange, and Pi Network has not been involved with any purported listings. You could sustain substantial loss by participating in unauthorized listings. Read more on our website: https://t.co/rbntZ7DROj pic.twitter.com/LJztPOH35c
— Pi Network (@PiCoreTeam) December 30, 2022
Recent Price Action Hints At Bullish Trend
Despite the lack of an official launch, PI’s price has been making waves. A recent breakout from a long-term horizontal resistance level of $50 on the weekly chart signals a potentially bullish trend. This resistance level held firm for months, but the recent surge suggests a potential shift in momentum.
Key Takeaways:
- PI price broke above the crucial $50 resistance level.
- Price nearly reached a new yearly high before a slight dip.
- Can the upward momentum push PI towards the next resistance at $100?
Technical Indicators Support Upward Movement
The technical indicators on the weekly chart further bolster the bullish case for PI. The Relative Strength Index (RSI) has climbed above 50, indicating that the token is not yet overbought. Additionally, the Moving Average Convergence Divergence (MACD) is trending upwards, suggesting increasing buying pressure.
Looking ahead, the next major resistance level for PI sits near $100. A sustained breakout above this level could unlock further price appreciation. However, the long-term resistance zone sits much higher, around $4100. This price point is based on the highest wicks (temporary spikes) seen over the past two years. While reaching this level may seem like a distant dream, the recent bullish momentum highlights PI’s potential.
Daily Chart Confirms Upward Momentum
The daily time frame chart further strengthens the bullish outlook. PI recently broke through a short-term descending resistance trend line before surpassing the horizontal resistance of $62. This aligns with the positive signals from the weekly chart and suggests a continuation of the uptrend. The RSI and MACD on the daily chart also paint a bullish picture, with no signs of bearish divergence.
The recent price action and technical indicators on both weekly and daily charts suggest a potential price surge for PI. However, it’s important to remember that the cryptocurrency market is inherently volatile, and unforeseen events can trigger price swings. Additionally, with the official launch date for PI tokens still unknown, investors should exercise caution and conduct thorough research before making any investment decisions.
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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