The price of Pi Coin has risen for three consecutive days and is slowly approaching its all-time high as demand from investors increases ahead of the Pi Day event.
Conclusion
- The price of the Pi Network has formed an all-time high on the daily chart.
- The amount of coins reached more than 40 million dollars.
- The rally could continue this week, possibly towards the key resistance level of $0.2935.
The Pi Network (PI) token rose to $0.2325 today, March 11, a few points below the high of $0.2363. It rose by double digits from its lowest level this year.
Data compiled by CoinMarketCap and CoinGecko show that the volume of the coin continues to increase, indicating that investors expect the price to continue to rise in the near future.
CMC data shows that the 24-hour volume reached $42 million, while another by CoinGecko puts the figure at $46 million. Its daily volume was less than $10 million a few weeks ago.
In most cases, an increase in daily volume is a sign that investors are buying. It is also a sign that investors are now embracing the fear of missing out (FOMO) that the coin is beating popular coins like Bitcoin and Ethereum.
The ongoing march is fueled by buzz surrounding the upcoming Pi Day event this Saturday. Investors are buying as they wait to see what the team will announce on the day.
In addition, the purchase is carried out with the progress of the current major update. The current update phase ends tomorrow, March 12). If this trend continues, the final update will likely be completed in April or May of this year.
Additionally, volume is increasing as investors await Kraken’s potential listing, which is expected to happen any day this year. This listing will be a major milestone for the coin as no major exchange has listed it since the mainnet was launched.
Pi Coin Price Prediction and Analysis
The daily chart shows that the price of Pi Network has risen over the past few weeks. A closer look reveals that it formed a boulangerie pennant shape, consisting of a vertical line and a symmetrical triangle. It has already moved above the upper side of the triangle, which means that the bull run can continue to rise.
The coin has also formed a head and shoulders reversal pattern, which often leads to an upside reversal. It broke above the 50-day exponential moving average and the Supertrend indicator.
Therefore, the coin continues to rise as the bulls target the next important target of $0.30. This outlook will be confirmed if it breaks above the $0.2380 high.
