Pi Network price has staged a strong recovery this month, moving up by 50% from its lowest level this year, making it one of the best-performing cryptocurrencies in the industry.
Summary
- Pi Network price has gone parabolic in the past few days.
- The token’s rally has coincided with the broader crypto market rally.
- Pi Coin’s rally has coincided with the broad crypto market rally.
Pi Coin (PI) token rose to a high of $0.1945, its highest level since January 20th. It has risen in the last four consecutive days, outperforming other cryptocurrencies like Bitcoin and Ethereum.
Pi Network token jumped as investors waited for key upgrades, which will start today, February 15. More upgrades will continue in the coming weeks or months as the developers work towards increasing its decentralization. The upgrades are part of its movement from version 19 to 22 of the Stellar network.
Pi Network price has also jumped as investors anticipate the upcoming first-year anniversary of its mainnet launch, which happened on February 20th last year.
Additionally, data shows that the coin’s demand has jumped in the past few days. Data compiled by CoinMarketCap shows that the 24-hour volume jumped to over $52 million, much higher than the recent daily average of below $10 million.
Most importantly, there are signs that the network will receive a big listing later this year. For example, Kraken, a top American exchange, has hinted that it will launch it soon. It has added it on its roadmap page, raising the possibility of a listing.
Kraken will become the first major exchange that has listed the token since its mainnet launch 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 because of the ongoing crypto market rally, which started on Friday after the US released the latest consumer inflation report. The report revealed that the headline CPI fell to 2.4% in January and is slowly moving towards the 2% target.
Pi Network price technical analysis
The daily timeframe chart shows that the Pi Network price bottomed at $0.1300 this month and has rebounded in the past few days. It has rebounded to a high of $0.1965, its highest level since January 19.
The token has jumped above the key resistance level at $0.1522, its lowest level on October 10 last year. It formed a double-bottom pattern at that level. It also rebounded after becoming oversold.
The coin has now formed a three white soldiers pattern, which is made up of three consecutive bullish candles. It has moved above the 50-day Exponential Moving Average, a sign that bulls are in control.
Therefore, the most likely scenario is where the token continues rising as bulls target the key resistance level at $0.2166, its highest swing in December last year. A move above that level will point to more gains, potentially to the psychological level at $0.2500.
The risk, however, that the ongoing rebound could be a dead-cat bounce, where an asset in a freefall rebounds and then resumes the downtrend.
