Pi Network’s (PI) Token Surges 10% on Broader Market Strength

Pi Network’s PI token has experienced a significant surge, climbing 10% in the past 24 hours to trade at $0.6872

Pi Network’s (PI) token price has surged 10% in the past 24 hours to reach $0.6872, marking a significant rally. The increase in price follows a 40% surge in trading volume.

This rally comes amid broader crypto market strength, with Bitcoin (BTC) reclaiming $103,000 and Ethereum (ETH) clearing $2,200.

Technically, PI has broken above its 20-day Exponential Moving Average (EMA) at $0.6291. More importantly, it breached key resistance between $0.66 and $0.67, backed by strong volume that confirms significant buying pressure.

If PI holds this breakout, its next target could be the $0.85-$1.00 range.

An unusual, brief spike in PI token’s circulating supply has caught market attention. Analyst Dr. Altcoin noted the circulating supply briefly rose by 5 billion tokens, (from 7 billion to 12 billion), before quickly reverting. This change did not affect PI token supplies on exchanges.

“The additional 5 billion in circulating supply appeared and disappeared within an hour. This suggests it was a stress test, which was successfully conducted. We can expect the same liquidity pool to reappear in the coming days as major listings of Pi take place.”

While the supply available on exchanges remained unchanged, this temporary surge is speculated to be a stress test of a newly established 5 billion Pi liquidity pool. This move strongly hints at preparations for potential listings on major cryptocurrency exchanges, with Binance, BitMart, and HTX being cited as possibilities.

Looking ahead, Dr. Altcoin sees PI token’s price potentially holding around $1 until about May 14th. Positive news on exchange listings could then propel the PI token towards $2 by August end.

As per the PI 4-hour chart below, the Relative Strength Index (RSI) is currently at 78.92. Generally, an RSI above 70 suggests that an asset is in overbought territory, indicating a potential for a price correction or consolidation.

On the other hand, the MACD line (blue) is above the signal line (orange), and both are above the zero line. This indicates bullish momentum. The histogram bars are green and increasing, which further supports the strengthening bullish trend.

Structurally, the PI token trades well above its recent swing high (the 0% Fibonacci level). If a pullback occurs, initial support for the PI token is near $0.6317 (the 0.236 Fib level, aligning with the 20-day EMA).

Deeper PI token support levels sit at $0.6202 (0.382 Fib) and $0.6109 (0.5 Fib). A break below $0.6016 (0.618 Fib) could signal a larger PI token correction.