Pi Network's Token Surges 50% in a Week, Reaches $0.70

Pi Network’s token has experienced a remarkable recovery, surging by 50% over the past week. This rally has pushed the Pi price back to around $0.70, following a dramatic drop to an all-time low of $0.407 just days prior. The token's market capitalization has risen to $4.7 billion, securing its position as the 31st largest cryptocurrency by market cap. Despite this positive momentum, the upcoming unlock of 10 million Pi tokens scheduled for April 18 could introduce short-term selling pressure, potentially impacting the token's price.

The Pi coin's recent performance has been marked by volatility. After reaching its lowest point on April 5, the token quickly rebounded, gaining over 50% within a week and briefly touching $0.75 before stabilizing near $0.70. Although the token is still down 60% for the month, its recent gains have garnered attention, particularly as it ranks just below BONK in daily performance. This rally is part of a broader recovery seen across altcoins following market disruptions caused by recent geopolitical events.

The trading day of April 11th was characterized by sustained buying pressure, with the RSI indicator showing multiple overbought signals. At 21:00 UTC, the Pi price hit resistance at $0.6197, but by 22:55 UTC, it had surged through this resistance, entering a new trading range. The MACD line formed a golden cross at 23:55 UTC, indicating upward momentum. As the price moved into April 12th, an overbought signal at 4:25 UTC led to a new resistance level at $0.7122, with the previous resistance at $0.6197 flipping into a strong support zone.

Later in the day, the MACD showed a death cross at 8:15 UTC, suggesting a potential downtrend. However, another golden cross quickly emerged, reviving bullish sentiment. If the bullish momentum continues, the Pi price could break through the $0.7122 resistance and target the $0.7500 zone. Conversely, if the trend reverses, the $0.6197 support could give way, with a potential drop toward the $0.5800 area.

Looking ahead, the Pi Network's recovery has sparked renewed optimism, but caution remains warranted. With the Pi price hovering near $0.70, bulls are closely watching the $0.7122 resistance. A successful breakout could pave the way for further gains, potentially reaching $0.80 or higher. However, the upcoming unlock of 10 million Pi coins on April 18 could introduce selling pressure, testing support at $0.6197. For now, the Pi coin is holding strong, but traders should remain vigilant. The next few days will be crucial in determining whether Pi Network can build on this momentum or face another pullback.