Pi Network’s PI emerged as one of the strongest performing coins in the Top 100 Cryptocurrencies ranking over the past week, outpacing countless major digital assets.
However, this rise may be short-lived and could be followed by another sharp decline in the near future.
The PI flashes green
In mid-July, the native token of the controversial cryptocurrency project was released He landed to a new all-time low of around $0.07, while its market value has fallen well below the psychological level of $1 billion.
However, since then, the bulls have stepped in, and PI is now trading at around $0.093 (per CoinGecko), representing a roughly 25% increase on a weekly basis.
The exact catalyst for the resurgence remains unclear given that the Pi Network team has been fairly silent over the past few days and has not revealed any new updates to the ecosystem. Of course, one possible factor could be the overall recovery of the cryptocurrency market, where Bitcoin (BTC) is operating. crossed $66,000, while Ethereum (ETH) aims to reach $2,000.
Many analysts are now optimistic that the PI can achieve further gains. User X encryption with Gopal He claimed The asset prints a “falling wedge” after a long downtrend as the selling pressure fades, and the price “squeezes towards the top of the wedge.” They believe that this formation often indicates that momentum is shifting back to the bulls.
“Buyers are quietly defending support while lower highs continue to put pressure. A strong break above wedge resistance could trigger a sharp rally as marginal buyers step in. If the bulls reclaim the trend line with volume, the PI could be preparing for a major expansion move. Market sentiment is turning cautiously bullish,” they added.
Before that, Oksnina Argue After months of selling pressure, the PI is finally showing signs of accumulation. They believe that if buyers intervene, it could mark the beginning of a strong trend reversal, with $0.20 and $0.32 identified as potential upside targets.
Brace for potential decline
PI investors should remain cautious, as previous pumps like this often end abruptly in another big move to the downside. The prolonged bear market and alarming state of the entire cryptocurrency sector reinforce these concerns.
At the same time, the PI community must take into account other factors, including upcoming token unlocks. About 127.5 million coins are scheduled to be issued over the next 30 days: a development that does not guarantee lower prices but increases selling pressure.
- Open PI code, source: piscan.io
User He said Their nearly 500,000 followers on “I won’t be found buying into any relief hike,” they added.
this post Pi Network (PI) is up 25% in a week but warning signs point to another potential pullback appeared first on CryptoPotato.
