PI Network: Decoding 30% daily surge – Can it push for $2 next?

• PI has gained sturdy curiosity from buyers, with the bulk favoring its ongoing rally.
• Bullish market sentiment is prone to push PI into new territory, aiming for the $2 mark.

Pi Community’s [PI] 30% rally previously 24 hours positions it as probably the most priceless tokens out there, as investor curiosity stays excessive.

Group sentiment and up to date accumulation counsel that PI will reclaim the $2 stage, which it beforehand exited earlier this 12 months.

PI features majority of market curiosity

PI’s latest rally may be traced to the excessive stage of group engagement out there.

Group Sentiment, a software on CoinMarketCap, helps decide whether or not buyers are bullish or bearish on an asset.

Supply: CoinMarketCap

At press time, PI has a excessive sentiment rating of 88%, indicating that almost all of market contributors anticipate the token to proceed rallying. This bullish sentiment is mirrored in each worth and quantity motion.

Following a 30% worth surge, buying and selling quantity additionally jumped 155.25% to $597.53 million throughout the identical interval.

Supply: CoinMarketCap

This marks PI’s highest buying and selling quantity previously thirty days. Traditionally, a surge in each quantity and worth tends to point sturdy market momentum, positively impacting worth motion.

What’s driving market momentum

Technical indicators present a clearer image of what to anticipate from PI.

The Relative Power Index (RSI), which measures the velocity and alter of worth actions on a scale of 0 to 100, reveals that the market is at the moment overbought.

That is evident because the RSI worth stood at 76.13—above the 70 threshold, at press time. This recommended that PI could quickly enter a corrective part with a possible worth dip.

Supply: TradingView

Nonetheless, evaluation of the Shifting Common Convergence and Divergence (MACD) indicator means that the correction could also be minimal.

That is primarily based on a number of indicators: first, the MACD line (blue) stays above the Sign line (orange); moreover, the MACD line has crossed into the constructive zone for the primary time.

These indicators indicate that consumers stay energetic out there and that any predicted drop is probably going a transfer by buyers to set off decrease entry orders earlier than the following upward pattern.

Evaluation of PI’s path to $2

PI has at the moment reached a resistance stage on the 1-day chart, aligning with the RSI-predicted corrective part. This implies that PI could briefly decline from the resistance stage earlier than resuming its bullish pattern.

Supply: TradingView

If the coin efficiently reclaims this resistance, it’s prone to pattern towards the $2 area, the height of its beforehand exited descending channel.

The rally to this stage is determined by continued investor shopping for, supported by the token’s general bullish sentiment.