Pi Network's native token jumped to a high of $0.7375 this weekend as investors bought the dip. It has skyrocketed to its highest price point since March 31, with its daily trading volumes increasing by over 80% to over $700 million.
The PI token climbed up as the crypto industry held steady amid the ongoing trading volatility. This week, major cryptocurrencies like Bitcoin and Solana have recovered. BTC, for example, increased its price to $84,000, while Solana spiked to $130.
After rising more than 80% from its lowest point in April, Pi Network's stock is now displaying bottoming indicators.
As investors bought the dip, Pi Network's native token surged to a high of $0.7375 this past weekend. With a daily volume increase of more than 80% to more than $700 million, it has surged to its highest level since March 31.
As the cryptocurrency market remained stable despite the persistent trade jitters, the token increased. Popular cryptocurrencies like Bitcoin and Solana have recovered this week. While Solana surged to $130, Bitcoin surged to $84,000.
Upbit, Coinbase, and Kraken are additional potential exchanges that might list it. The primary reason is that these exchanges will wish to keep a portion of the trading costs that are currently paid to MEXC and OKX.
Another possibility for the Pi currency's price recovery is the beginning of burning. The burning process will reduce the impact of the token unlocks and steady mining rewards. According to the 4H chart, the price of the PI coin has increased over the past few weeks and reached the crucial resistance level of $0.7385. Between February and the beginning of this month, the token created a falling wedge pattern, which led to this bounce.
The 50-period moving average has now been surpassed by Pi Network, indicating a bullish trend. Additionally, leading oscillators such as the Awesome Oscillator and the Relative Strength Index have all pointed upward, suggesting that it has accelerated.
As a result, the token is likely going to continue rising as bulls aim for the crucial resistance level at $1.7365, the highest swing on March 13. A 135% increase is indicated by a shift to that level.
However, given that it has created a tiny rising wedge pattern, there is also a chance that the current recovery is a component of a bull trap. There is a chance that it will fall and retest the support level at $0.40 if this occurs.