Pi Network Token Surges 5.36% to $0.6693 on April 23

Pi Network, a digital asset, has been gaining significant attention due to its recent bullish momentum. On April 23, the token closed the day at approximately $0.6693, marking a 5.36% increase. This surge was accompanied by a notable spike in trading volume, reaching nearly $120 million, indicating a renewed interest from investors and heightened market activity.

The token's circulating supply stands at 6.94 billion PI, contributing to a market cap of around $4.64 billion. As Pi Network approaches key resistance levels, traders are closely monitoring the possibility of a breakout. The day began with the token finding solid support near its opening price of $0.6354, which proved resilient as the price quickly rebounded after minor consolidation. The $0.645 to $0.650 range emerged as a short-term support zone, acting as a safety net against potential downward pressure. Throughout the day, Pi Network formed higher lows, indicating consistent buying demand and confirming positive market sentiment.

On the upside, the $0.670–$0.675 range has become a near-term resistance zone. The price touched this area and slightly retreated, but the lack of a sharp drop suggested that buyers remained active. The key level to watch is the April 23 high near $0.689. A confirmed breakout above this point could trigger another leg higher towards subsequent resistance zones. Technical indicators such as the MACD and RSI support this bullish outlook. The MACD shows a bullish crossover with the MACD line above the signal line, and the histogram continues to grow positively, indicating that momentum is firmly in the hands of the bulls. Additionally, the RSI has been climbing steadily and now reads at 46.24, crossing above the moving average of 43.49, which signals a bullish divergence. Although it remains below the 50-mark, the trend is clear: bulls are gradually gaining control.

According to the analyst's forecast, the resistance test at $0.689 is crucial for Pi Network's price movement. A successful breakout above this level could validate the bullish momentum and potentially drive the price higher. However, if the resistance holds, the token may face consolidation or a pullback to the support levels around $0.645–$0.650. Investors and traders will be closely watching these levels as Pi Network navigates through this critical juncture.