Pi Network (PI) Price Surges 28% as Token Unlocks and Market Recovery Buoy Sentiment

Pi Network has experienced a strong recovery in recent days, with its price rebounding 28% amid buzz around token unlocks and broader market recovery.

Pi Network has experienced a strong recovery in recent days, with its price rebounding 28% amid buzz around token unlocks and broader market recovery. The token is currently trading in the $0.58-$0.66 range after bouncing back from lower levels earlier this month.

This growth comes as PiScan data reveals that approximately 1.5 million tokens will be unlocked by April 11. An additional 160.74 million tokens are scheduled for unlock over the next 30 days, representing a value of nearly $94 million at current prices.

Technical Analysis Points to Consolidation

Since April 16, Pi has established a narrow trading range between $0.60 support and $0.66 resistance levels. This price action indicates a period of market indecision, with neither buyers nor sellers taking full control.

The Aroon indicator confirms this stagnation, with the Aroon Up Line at 0% and the Aroon Down Line declining at 14.29%. These readings suggest a balanced market environment where upward and downward pressures are relatively equal.

The token’s Average True Range (ATR) has been steadily decreasing since early March, currently standing at 0.07. This decreasing ATR value confirms reduced market volatility and further supports the consolidation phase theory.

Potential for $3 Price Target

Some crypto analysts have suggested that Pi Network could potentially reach the $3 mark by June if favorable market conditions continue. This ambitious target would represent a significant increase from current levels around $0.60.

Achieving this goal may depend on several key developments from the Pi Core Team, including rumors of a possible token burn to reduce supply. However, the token’s growth potential faces challenges from supply concerns, particularly with the upcoming token unlocks.

Market Breakout Scenarios

Pi Network appears poised for a breakout from its current consolidation pattern, though the direction remains uncertain. If bullish pressure increases and demand spikes, Pi could break above the $0.66 resistance level. A successful breach of this resistance could potentially propel Pi’s price toward the $1 mark in the near term.

Conversely, if bearish sentiment prevails, Pi might break below the $0.60 support level and test the $0.50 range. The token previously displayed volatility while trading between $0.5361 and $0.6133 during the broader market recovery. Recent technical analysis identified key support at $0.5361 and resistance at $0.6133, with a golden cross appearing after Pi hit support on April 6.

The short-term price movement will likely depend on current market trends and potential announcements from the Pi Core Team regarding token economics.

As of April 28, Pi Network continues to trade in its consolidation range between $0.60 and $0.66, with traders awaiting a catalyst to drive the next significant move.