Pi Coin (PI) Price Surges More Than 25% in a Day, Breaking Out of Weeks of Slow Movement

After weeks of slow movement, Pi Coin made a strong comeback, jumping more than 25% in just one day. The price soared past $0.75 and is now sitting at $0.72

In a surprising shift, Pi Coin (PI) has shown remarkable strength, recovering swiftly from a period of sluggish performance. Over the past 24 hours, the coin has experienced an impressive 25% surge, pushing its price past $0.75.

At the time of writing, PI is trading at $0.72, making it the best-performing major altcoin on Wednesday. In the past 24 hours alone, PI is up nearly 30%, and over the last 90 days, it has seen a 52% gain.

Analysts believe that if the current momentum continues, we might see PI testing the $1 resistance. Technical indicators are also showing positive signs, with the 10-day SMA (simple moving average) just crossing over the 50-day SMA, and the RSI (relative strength index) suggesting a bullish trend.

Furthermore, Pi Coin has hit a weekly high of $0.78, pushing its market cap beyond $5 billion.

Pi Network, the blockchain project behind Pi Coin, has been actively developing its ecosystem. Recently, the network launched the Pi Ad Network, providing a new avenue for developers to monetize their apps and fostering greater adoption of Pi in real-world use cases. This move is seen as crucial for building a stronger and more utilized ecosystem around Pi.

However, there are a few factors that could hamper further gains for Pi Coin. According to data from PiScan, a blockchain explorer for the Pi Network, a major unlock of 188 million PI tokens is expected in the next 30 days. This could exert selling pressure on the market.

Additionally, despite 87% of the community expressing support for a Binance listing, the exchange has not yet taken any action, which could be another factor affecting the coin’s price.

Moreover, even with the recent launch of the Pi Network’s mainnet, the coin’s trading volume has dropped by 44%, indicating mixed interest from investors.

Ultimately, the upcoming token unlock and decisions by Binance and other major exchanges to list Pi will be crucial in shaping the coin’s future price trends.