PI Token Surges 10% Amid Crypto Market Strength, Supply Anomaly

The PI token has experienced a notable surge, rising 10% in the past 24 hours to trade at $0.6872, accompanied by a 40% increase in trading volume. This rally mirrors broader crypto market strength, with Bitcoin reclaiming $103,000 and Ethereum clearing $2,200. Technically, PI has broken above its 20-day Exponential Moving Average (EMA) at $0.6291 and breached key resistance between $0.66 and $0.67, backed by strong volume that confirms significant buying pressure. If PI holds this breakout, its next target could be the $0.85-$1.00 range.

An unusual, brief spike in PI token’s circulating supply has caught market attention. The circulating supply briefly rose by 5 billion tokens, from 7 billion to 12 billion, before quickly reverting. This change did not affect PI token supplies on exchanges. The additional 5 billion in circulating supply appeared and disappeared within an hour, suggesting it was a stress test, which was successfully conducted. This move strongly hints at preparations for potential listings on major cryptocurrency exchanges.

Looking ahead, the PI token’s price is expected to hold around $1 until about May 14th. Positive news on exchange listings could then propel the PI token towards $2 by August end. As per the PI 4-hour chart, the Relative Strength Index (RSI) is currently at 78.92, suggesting that an asset is in overbought territory, indicating a potential for a price correction or consolidation. On the other hand, the MACD line is above the signal line, and both are above the zero line, indicating bullish momentum. The histogram bars are green and increasing, which further supports the strengthening bullish trend.

Structurally, the PI token trades well above its recent swing high. If a pullback occurs, initial support for the PI token is near $0.6317, aligning with the 20-day EMA. Deeper PI token support levels sit at $0.6202 and $0.6109. A break below $0.6016 could signal a larger PI token correction. The PI token charts are currently displaying bullish signals, driven by a significant supply anomaly and the anticipation of upcoming listings. This has fueled price momentum and triggered a sense of FOMO among traders. The supply anomaly, which involves a 5 billion token shift, has caught the attention of market participants, leading to increased speculation and activity.