Pi Network price is defying the gloomy outlook across the crypto market after gaining by 17% today, April 5, to trade at $0.64 with a daily high of $0.701. Pi Coin is recording an uptick in volatility, with weekend trading volumes approaching $1 billion as buyers and sellers battle for control. Can this token sustain the upward momentum? Let’s explore.
Pi Network Rises Amid Soaring Trading Volumes
Pi Network price has been gaining today as traders seek to make quick profits from the altcoin Data from CoinMarketCap shows that trading volumes have surged by 92% in the last 24 hours to $920M. This surge in volumes is significant as it remains higher than that of top altcoins like Cardano which has 24-hour volumes of $843M.
The rising trading volumes are likely behind the recent price gains recorded by Pi Network. This uptrend has also pushed the altcoin’s market capitalization past $4 billion.
However, Pi Coin is not out of the woods yet. As a recent Coingape article reported, this altcoin may be headed for a freefall of $0.1. Bearish factors such as the lack of a major exchange listing and a selloff by early miners might exert additional sell-side pressure on this altcoin.
Will Banxa Partnership Support the Pi Coin Gains?
Pi Network has announced an official partnership deal with Banxa. This partnership will make Pi Coin more accessible to traders by allowing the purchase of this token using fiat currency.
This partnership deal might be driving the recent gains behind Pi Network price. However, some community members believe that the Pi Core team needs to make more effort to drive value. Dr. Pi Coin noted,
“The Pi Community needs to accept the current reality of Pi. The deeper it dips, the longer it takes to bounce back to its all-time high. The quick fix? The PTC should burn its billions of Picoins from those 20,000+ Pi Foundation wallets.”
Therefore, for the Pi Network token to sustain its current price rally, it needs to gain more adoption and increase, secure new exchange listings, and sustain buying activity.
Pi Network Technical Analysis
The one-hour Pi Network price chart shows a surge in buying activity. The RSI has surged to 73, marking its highest level in weeks. This also shows that the short-term momentum is highly bullish.
The MACD indicator also shows a similar outlook after flipping positive. This further supports the bullish thesis for the Pi Network token. These bullish indicators support a positive Pi Network price prediction as long as the buy-side pressure outpaces the sell-side pressure.
If these gains continue, the target price for this token is the 161.8% Fibonacci level of $0.90. Hitting this target might kickstart a Pi Coin rally past $1.
PI/USDT: 1-Hour Chart
In summary, Pi Network price is gaining today due to a surge in buying activity, with trading volumes approaching $1 billion. If the buying activity continues, Pi Coin might rally to $1 if it flips resistance at $0.90.
The post Pi Network Price Surges As Trading Volumes Approach $1B appeared first on CoinGape.
