The price of Pi Coin is in a technical bull after rallying 56% from its lowest level this year. Despite the crypto’s continued fall, it reached its highest level in two weeks.
Conclusion
- Pi Coin price has moved into a technical or local bull market.
- The rally is taking place despite the ongoing crypto crash.
- Technical analysis shows that the token continues to rise.
The Pi Network token (PI) rose to $0.2010 on Friday, continuing the uptrend that began on March 10. The rally is likely to be fueled by potential announcements next week, when the world celebrates Pi Day.
Pi Day is an annual celebration of the mathematical constant, celebrated on March 14. In most cases, this event is celebrated in schools by doing fun activities. Some people also celebrate it by eating cakes.
Historically, the Pi Network celebrates this day by announcing some major announcements. For example, in a recent post, the team noted that they hope the current phase of the Pi Network upgrade will end on the same day.
Some crypto traders are hoping that other major announcements will be made on Pi Day. For example, some have speculated that the Kraken, an American icon, might decide to make it to the list that day. It added it to its roadmap for the year in February.
Other possible announcements on the day are the decentralized exchange, automated market maker and token generation feature. The developers hope that this feature will increase demand for the token over time.
The price of Pi Coin is also rising as investors buy it after it hit record lows in February. It is common for investors to buy when an asset is falling and short it whenever it reaches a record high. A good example of this is Zcash (ZEC), which moved into a bear market after reaching its all-time high last year.
Pi Coin price chart
The eight-hour chart shows that the price of Pi Coin is making a strong comeback after dropping to $0.1300. This rally happened against the backdrop of the crypto crash. It broke above the final resistance level of the Murray Math Lines tool.
The token has risen above the 50-period moving average. Crossing this indicator is a sign of the continuation of the bull market. Another sign that the momentum continues is that the average Index reached 32.
Therefore, the token is likely to rise in the coming days as buyers target the key resistance at $0.2500.
