Pi Network Sees 8.06% Gain Amid Volatile Trading

Pi Network, a prominent cryptocurrency, has experienced significant price movements over the past 24 hours, with an 8.06% increase. This upward trend has continued over the past week, with a 2.62% rise. As of May 8, the price of Pi coin has been fluctuating around key levels, with resistance at $0.65 and support at $0.57. The ongoing battle between buyers and sellers will determine the direction of the Pi price in the short term.

The trading day of May 7th for Pi Network started with moderate upward fluctuations. At 02:00 UTC, a death cross appeared on the MACD line, signaling a potential downward move. This triggered a steady price decline. By 03:20 UTC, the RSI indicator showed an oversold condition, leading the price to find support at $0.5762. Shortly after, at 03:00 UTC, the MACD line flashed a golden cross, sparking a moderate upward price movement. This continued until 10:20 UTC, when another golden cross appeared, pushing the price further up. At 11:40 UTC, the RSI reached an overbought condition, causing the price to spike and meet resistance at $0.5893.

However, this bullish momentum was short-lived. A death cross on the MACD line at 12:25 UTC led the price downward. With another death cross at 14:45 UTC, it intensified the downward pressure. The RSI indicated oversold conditions again at 16:00 UTC and 16:25 UTC, contributing to the price decline. Despite this, a golden cross on the MACD line at 16:50 UTC slightly reversed the trend, offering a brief upward push. The price fluctuated moderately throughout the afternoon, but a final golden cross at 20:55 UTC set the stage for a breakout as the day ended, with the price pushing higher into midnight.

The trading day of May 8th began with a breakout, triggered by a golden cross on the MACD line at midnight. This signaled a bullish shift, but by 00:20 UTC, the RSI indicator showed an overbought condition, which led to a price fluctuation upwards. The breakout at midnight sparked a rally, with continuous overbought conditions on the RSI pushing the price higher. At 02:02 UTC and 02:55 UTC, the appearance of another golden cross caused a further spike in the price. However, as the RSI remained overbought, the price encountered resistance at $0.6500, a key psychological level.

This marked the top for the day as bears began to step in, with the MACD line showing a death cross shortly after, signaling a shift in momentum. This brought the price down with a sharp pullback. After this dip, the price fluctuated moderately as buyers and sellers battled for control. At 06:30 UTC, another golden cross on the MACD line sparked a brief upward movement. Currently, the price of Pi Network is fluctuating around $0.63, with both bulls and bears waiting for the next signal.

According to Pi Network price analysis, if the bullish momentum continues, the price could break through the current psychological resistance at $0.65. Potentially, pushing toward $0.67 and possibly higher. However, if the bearish trend takes over, the price, which is currently holding temporary support around $0.61, could fall below the previous support level of $0.57. This would signal further downside, with bears potentially gaining control. Traders should keep a close watch on these key levels, as a breakout above $0.65 or a dip below $0.57 will likely define Pi Network’s next move in the short term.