to leave a comment.
▲ Pi Coin (PI)/ChatGPT generated image ©
With the temporary halt of mainnet migration easing concerns about a supply bomb, Pi Network (PI) is sending clear bullish signals, raising investor expectations.
According to FXStreet, an investment media outlet, on May 5 (local time), Pi Network maintained a stable trend above the $0.1800 mark after rising 3% the previous day. The main factors contributing to this price defense are the easing of downward pressure due to a 5-day delay in the mainnet migration of new tokens and the recovery of overall investor sentiment in virtual assets.
Until now, Pi Network has been under continuous selling pressure as tokens that completed KYC verification were migrated to the mainnet and then flowed into centralized exchanges. However, according to PiScan data, after 19.06 million Pi Network tokens were injected last Thursday, the migration has stalled, leading to a sharp decrease in the new supply from testnet holders looking to realize profits, thus firmly supporting the price floor.
The fact that the market leader, Bitcoin (BTC), is firmly holding the $80,000 mark and warming up the overall market is also positive. CoinMarketCap's Fear & Greed Index rose from 41 to 49 last week, indicating a resurgence in risk appetite. Typically, such improvements in investor sentiment act as a catalyst to further boost the upward potential of high-risk tokens.
Technical indicators also point to a cautious bullish market. On the 4-hour chart, Pi Network is trading around $0.1812, above both the 50-period exponential moving average (EMA) at $0.1789 and the 200-period EMA at $0.1772. The Relative Strength Index (RSI) is at 55, crossing the midline and showing an upward trend, while the Moving Average Convergence Divergence (MACD) has also broken above its signal line, indicating positive buying momentum.
The key to future movements is whether it breaks through the resistance zone formed between $0.1821 and $0.1827. If it firmly surpasses this resistance level, it opens up the possibility of reaching the $0.2000 mark, passing the closing price of $0.1970 on April 29. Conversely, if selling pressure intensifies and it undergoes a correction, experts predict it will seek a rebound at the first support level of $0.1790 and then the second support level of $0.1772.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.