Pi Network (PI) token price rises 11.35% and is now trading at $0.8173

Over the last day, PI, the native token of Pi Network, saw an 11.35% rise and is now trading at $0.8173. The cryptocurrency is valued at $5.86 billion

The native token of Pi Network, PI, saw an 11.35% rise over the last day and reached $0.8173. The cryptocurrency saw a 27.69% rise over the last month and its market value reached $5.86 billion. On the other hand, Bitcoin went up by 4.26% over the last 24 hours and reached a new record of $109,175.33. The cryptocurrency also saw a 23.87% rise over the last 30 days.

Recently, PI went through high volatility and fell sharply in May. However, the token saw a strong recovery from the lows.

Earlier this month, PI fell to lows of around $0.7222. Since then, the token went through a recovery and tested a crucial resistance level of around $0.8766. The token tried to move above this level but failed to sustain gains. In that period, the highest point reached by the token was $0.8550.

The trading volume for the token within the past day was 77.4 million PI, which is equivalent to $60.61 million in USD.

One comment on X about the token suggests that the rapid rise in the token could soon see it move past the main resistance levels. A different user on X pointed out that PI’s price matches the signs from technical indicators which show that it could soon break out and traders should focus on the $0.8766 level.

Some investors may have kept their positions as the average selling price from last month was $0.7383. If PI manages to break out and move above the $0.8766 level then it may test the next resistance level which is around $0.9550. Earlier this year, in May, the price went as high as this level before reversing lower.

Earlier this year, the project launched its Mainnet and has over 60 million members from around the world. However, the project faced criticism after the value of the token dropped by half in May. Some said that this was due to insider token dumps.

After the sharp decline in the token, the Pi Core Team said that it would invest $100 million to help blockchain firms in the ecosystem.

Among all digital assets, PI has a sizable market value of $5.86 billion. Still, the project is largely known for its lack of transparency and questions remain about how the token will become decentralized. Despite this, there is huge interest in the token and people are looking for more trades.

Among the top 10 cryptocurrencies, Bitcoin saw the biggest gains and its price rose by 4.26% over the last day and reached $109,175.33. Over the last 30 days, the cryptocurrency saw gains of 23.87%.