Pi Token Eyes $2 Comeback as Bullish Momentum Grows
PI Network’s PI token was officially launched on February 20, marking an important milestone in the crypto project. But the long-awaited launch triggered a wave of sell-offs as early adopters were eager to cash in on their stake.
Sales pressure triggered a decline in the value of PI, which dropped to $0.60 by February 21. Despite the initial collapse, the PI rebounded, showing new bullish momentum.
PI soars 173% from post-issue low
PI Current Trading at $1.64, noting it’s rated at 173% Low after sending. The triple-digit rally has fueled the resurgence of demand for altcoins over the past few days.
Potential binance lists partly driving this demand. As of February 22, should PI be launched 212,000 votes On exchangemore than 86% agree. As vote The process is close to its conclusion, and investors expect Binance to list AltCoin and potentially raise its price.
The high demand for PI reflects the rise in its relative strength index (RSI). At the time of writing, the key momentum indicators evaluated on the four-hour chart are on the uptrend of 63.40.
The RSI of the asset measures its over-trading market conditions. Its ranges from 0 to 100, with a value above 70, indicating too much assets and is corrected. On the other hand, the value under 30 indicates that assets are oversold and may witness a rebound.
Pi’s RSI reading 63.40 signal indicates a strong bullish momentum. This means that buying pressure is greater than sales activity among market participants, and if the trend continues, Altcoin’s price will continue to grow.
Furthermore, the reads of Pi’s Balance of Power (BOP) support this bullish view. As of this writing, it has a positive value of 0.41.
BOP measures the buyer’s strength against the seller by analyzing price movements over a given period. Like PI, when the value of the indicator is positive, the buyer has more control. This indicates strong upward momentum and suggests the possibility of further price increases.
PI maintains a strong trendline: Can it reach new highs?
Since February 20, PI has surpassed the uptrend line, confirming a resurgence of bullish activity around Altcoin.
When asset trading is above this pattern, it indicates a large uptrend and buyers always support higher prices. If the uptrend continues, PI could violate the $2 transaction price at an all-time high of $2.20.
On the other hand, if demand plummets, this bullish forecast will be invalid in the increase in profit-taking activity. in this case, The value of the Pi may fall below $1.60 and drop to $1.34.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
