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Cryptocurrency News Articles
The cryptocurrency market continues the macro-triggered bull move on Monday
May 12, 2025 at 01:53 pm
The cryptocurrency market continues the macro-triggered bull move on Monday with good cheer from the weekend. A trade agreement between the United States (US) and the United Kingdom (UK), trade talks between the US and China, as well as a ceasefire and easing border tensions between India and Pakistan, contributed to the market's optimism.
Remarkable double-digit gains in altcoins such as Pi Network (PI), Kaspa (KAS), and Peanut the Squirrel (PNUT) from the last 12 days to 12 days highlight a broad-based risk-on sentiment likely to keep prices elevated this week.
Pi Network’s price upholds a strong bullish momentum backed by a favourable macro environment and anticipation ahead of a major ecosystem announcement, expected on May 14.
The token has, in the last 12 days, rallied 105% to trade at $1.26 at the time of writing. PI’s position above the 50- and 100 Exponential Moving Averages (EMAs) on the 12-hour chart implies that the uptrend could last longer than anticipated.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator encourages traders to hold their positions. Moreover, the expanding green histograms above the centre line reveal growing bullish momentum for PI, likely to break the immediate resistance at $1.35 and extend the up leg to $1.80, a seller congestion level tested last in March.
PI/USD 12-hour chart
On the other hand, the extremely overbought Relative Strength Index (RSI) indicator at 91.61 suggests that Pi Network may be due for a short-term pullback or even consolidation. If the buyers’ strength lessens, expect a technical rebound from the 50-EMA at $1.08 or the 100-EMA at $1.03.
Kaspa’s price sits on top of a crucial five-month trendline resistance, accentuating the growing bullish influence in the wider crypto market. After an impressive 134% increase from the tariff-triggered crash to $0.053 on April 7, KAS currently hovers at $0.12, up more than 6% on the day.
The daily chart highlights a solid bullish structure with Kaspa’s price above the 50-, 100-, and 200-day EMA. A buy signal from the MACD cements the bullish grip on KAS as bulls knock on the resistance at $0.14.
A breakout above the nearest resistance at $0.14 could trigger a sharp price surge, with KAS aiming for $0.15—a level last seen in January—and potentially December’s high of $0.18.
KAS/USD daily chart
Notably, the Relative Strength Index (RSI) indicator entering the overbought region above 70 hints at a strong bullish momentum. Overbought conditions often precede pullbacks due to potential profit-taking, hence the need for traders to prepare for different outcomes, including a retest of the 200-day EMA at $0.10 and the 100-day EMA at $0.09.
Peanut the Squirrel’s price hovers close to the weekend high of $0.46, reflecting a slight drawdown on the day. The tailwind behind the token comes amid heightened interest in meme coins.
Based on the daily chart, PNUT remains strongly bullish on Monday, sitting on top of the 50-day ($0.26) and the 100-day EMAs ($0.29). The MACD indicator shows a bullish setup with the MACD line (blue) above the signal line (red), expanding green histograms above the centre line.
NUT/USDT daily chart
The RSI indicator is at 79.64, having peaked at 84.96 on Friday, indicating overbought conditions. Overbought conditions are often a precursor to a pullback, with PNUT likely to pull back toward the 100-day EMA at $0.29 in search of support and liquidity.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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