- In one day, Pi went up 11.35 percent to $0.8173.
- After a 4.26% daily gain, Bitcoin reaches a new high of $109,175.33.
- Pi’s 24-hour trading volume reaches 77.4M tokens, with a $60.61M turnover.
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, having grown 27.69% over the last month. Meanwhile, Bitcoin reached a new record of $109,175.33, increasing by 4.26% during the same period and by 23.87% over the last 30 days.
The recent change in price for PI comes after the token went through high volatility and fell sharply in May. Even though the token’s price dropped earlier, its trading volume rose to 77.4 million PI, valued at $60.61 million in USD within the past day.
It seems that people are more hopeful about PI’s recovery, as shown by posts on X. According to one comment, the quick rise in the token suggests it could soon go past the main resistance levels. A different user pointed out that PI’s price matches the signs from technical indicators that show it could soon break out, and traders should focus on the $0.8766 level.
The charts suggest that a breakout could soon happen.
The PI price chart shows that the token reached a crucial resistance level at around $0.8766 earlier this month and has tried to move above it since then. The price rose as high as $0.8550 in that period and fell as low as $0.7222. By studying moving averages, we can understand the token’s trend better. A 5-day moving average gives $0.8158, a 10-day gives $0.7872, and a 20-day moving average gives $0.7630. All of this indicates that the market will rise in the next few weeks.
Some investors may have kept their positions because the average selling price from last month was $0.7383. PI rising above $0.8766 may cause it to test the next resistance level near $0.9550. A few weeks earlier in May, the price had reached this level, but then went lower.
Changes within the market and the network
With the launch of the Mainnet earlier this year, the project has amassed over 60 million members throughout the globe. But it faced criticism after its value plunged by half in May because some said insider token dumps were the cause. Afterward, the Pi Core Team said it would invest $100 million to help blockchain firms within the ecosystem.
The amount of the token in circulation and how the market operates are still significant. Among all digital assets, PI has a strong market value of $5.86 billion. Even though the project is facing questions about transparency and decentralization, people are still eager for more trades.
The fact that Bitcoin reached $109,175.33 proves the market is in a constructive mood. The sharp increase in Bitcoin has helped altcoins and PI gain from the impact.
