Pi Network Price Surges 20% After Federal Reserve Decision

The Pi Network's price has surged following the Federal Reserve's decision, which also boosted Bitcoin and altcoin prices. The Pi price successfully implemented an uptrend scenario after breaking through resistance between $0.645 and $0.6826. With resistance near $0.7780 and bullish technical indicators, the trade setup suggests a potential upward movement for the Pi price rally. If buying pressure remains high and is supported by key moving averages, the token could reach new highs.

After an impressive start, the Pi price has been stuck in a steep bearish trend for the past few months. Bulls have been attempting to push the price beyond the crucial resistance zone between $0.7 and $0.76. With the latest rise, the price is once again attempting a breakout. Given the buying pressure and bullish technicals, the Pi price appears poised to overcome all bearish barriers.

As seen in the chart, the Pi price plummeted shortly after its inception but managed to prevent excessive loss with the start of Q2. Since then, the token has consolidated within a narrow range below $0.7. Technical indicators have turned bullish, with the Supertrend flipping from bearish to bullish since its inception. Additionally, Ichimoku levels are heading for a bullish crossover, and the cloud is about to transform into bullish. This suggests that bulls are active and poised to lift the token above bearish captivity. Once the price surpasses the local resistance zone, reaching $1 could be imminent. The trade setup and market sentiments suggest that bullish dominance may prevail for the long term, hinting at a new all-time high above $5.

The upcoming May 14 announcement from the core team is generating buzz among investors, which may propel the Pi price to $1. This anticipated announcement aligns perfectly with the Consensus event in Canada, where Pi Network founders will be making an appearance. It’s a strategic moment, especially after their recent presence at Token2049. With this momentum and potential partnerships in the pipeline, the Pi price is expected to trigger a bullish breakout, pushing the levels beyond the $1 resistance.