The price of Pi Network made a strong recovery this month, rising 50% from its lowest level this year, making it one of the best performing funds in the industry.
Summary
- The price of Pi Network has acted as a parabolic over the past few days.
- The token rally coincided with the broader crypto market rally.
- Pi Coin’s rally coincided with the broader crypto market rally.
The Pi Coin (PI) token rose to a high of $0.1945, its highest level since January 20. It has risen for four consecutive days, outperforming other cryptocurrencies such as Bitcoin and Ethereum.
The Pi Network token is jumping as investors await a major development, which will begin today, February 15. Further development will continue in the coming weeks or months as developers work to increase its distribution. The upgrade is part of its move from version 19 to 22 of the Stellar network.
The price of Pi Network also jumped as investors are waiting for next year’s first mainnet launch, which happened on February 20 last year.
Additionally, the data shows that demand for the coin has increased over the past few days. Data compiled by CoinMarketCap shows that the 24-hour volume jumped to more than $52 million, well above the recent daily average of less than $10 million.
More importantly, there are signs that the network will get a bigger lineup later this year. For example, Kraken, a top American exchange, has revealed that it will launch soon. It has added it to its roadmap page, which raises the possibility of listing.
Kraken will be the first major exchange to list the token since the launch of the mainnet last year. It will make it available to other American investors as the company has millions of customers.
Pi Coin price is also doing well due to the ongoing crypto market rally, which started on Friday after the US released its latest consumer inflation report. The report showed that the headline CPI fell to 2.4% in January and is slowly moving towards 2%.
Technical analysis of Pi Network pricing
The daily time chart shows that the price of Pi Network has dropped to $0.1300 this month and has rebounded in the past few days. It rose to a high of $0.1965, its highest level since January 19.
The token jumped above the main resistance level at $0.1522, its lowest level on October 10 last year. Create a double bottom pattern at that level. It rebounded after being oversold.
The coin has now formed a three white knight pattern, formed by three consecutive bullish candles. It has crossed above the 50-day Exponential Moving Average, which is a sign that the bulls are in control.
Therefore, the most likely scenario where the token continues to rise as the bulls point to the main level of resistance at $ 0.2166, its highest change in December last year. A move above that level will point to further gains, possibly to the psychological level at $0.2500.
The risk, however, is that a sustained rebound can be a dead-cat bounce, where the stock in freefall resumes a downtrend.
