Pi Network (PI) Price: Bulls Return as Trading Volume Surges 6.9% in 24 Hours

Pi Network's Cryptocurrency Shows Signs of Recovery Amid Market Volatility

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After experiencing a significant decline from its March highs, Pi Network's native cryptocurrency, PI, is exhibiting signs of stabilization and potential recovery. The digital asset has maintained a support level around $0.61, marking a 5.2% increase over the past 24 hours and a 14% gain over the last 30 days. ​

Technical Indicators Suggest Potential Uptrend

The Relative Strength Index (RSI) for PI currently stands at 42.7, indicating that the asset is approaching oversold territory. This suggests that selling pressure may be diminishing, potentially paving the way for a bullish reversal.​

Moreover, the Moving Average Convergence Divergence (MACD) indicator has turned bullish for the first time in weeks. The 12-day Exponential Moving Average (EMA) has crossed above the 26-day EMA, a signal that often precedes upward price movements. ​

Despite these positive signals, PI remains below key moving averages. The 50-day Simple Moving Average (SMA) is at $0.7978, while the 10-day EMA is at $0.6236. However, the narrowing of Bollinger Bands indicates reduced volatility, often a precursor to significant price movements.

Source: CoinMarketCap

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Market Dynamics and Trading Activity

Trading volume for PI has seen a notable uptick, rising by 6.9% to reach $139.4 million. This increased activity reflects growing investor interest and could support further price appreciation.

Source: TradingView

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The Average Directional Index (ADX) registers at 36.82, suggesting a strong trend, while the Money Flow Index (MFI) hovers around the neutral midpoint, indicating balanced market conditions.​

Supply Considerations and Mainnet Progress

Pi Network's tokenomics present both opportunities and challenges. With a maximum supply of 100 billion tokens, approximately 6.7 billion are currently in circulation. An estimated 1.5 billion tokens are expected to be unlocked over the next year, averaging around 130 million monthly. This increasing supply could exert downward pressure on prices if not matched by sufficient demand.​

The network's mainnet migration continues to progress, with over 12 million users successfully migrated. The team has outlined a roadmap focusing on processing referral bonuses and completing migrations, though specific timelines remain undisclosed. ​

Upcoming Events and Market Sentiment

Looking ahead, several events could influence PI's price trajectory. Pi Network founder Nicolas Kokkalis is scheduled to speak at Consensus 2025 this month, an appearance that has fueled speculation about potential major announcements, including possible exchange listings. ​

Analysts at CoinCodex offer an optimistic outlook, predicting that PI could reach $2.02 by the end of May, representing a 227% increase from current levels. Such a surge would depend on favorable market conditions and successful execution of the network's strategic initiatives.​

Conclusion

While PI has faced recent challenges, current technical indicators and market developments suggest a potential for recovery. Investors and stakeholders will be closely monitoring upcoming events and the network's progress to assess the sustainability of this upward momentum.

Writer @Barland

Barland is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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