TLDR
- Pi Network’s price has stabilized at the $0.61 support level with a 5.2% increase in the last 24 hours
- Trading volume increased by 6.9% to $139.4 million with RSI at 42.7, just above oversold territory
- MACD indicator has turned bullish for the first time in weeks, showing divergence between price and momentum
- Pi is consolidating in the $0.60-$0.65 range with tightening Bollinger Bands suggesting a possible breakout
- CoinCodex predicts PI could increase by 227% to $2.02 by the end of May
Pi Network’s cryptocurrency has shown signs of stabilization after a prolonged period of decline. The digital asset is currently holding steady at the $0.61 support level, marking a 5.2% increase over the last 24 hours and an impressive 14% gain over the past 30 days.
Trading activity has picked up significantly with volume rising by 6.9% to $139.4 million. This increased market participation comes as technical indicators begin to signal a potential trend reversal.
The Relative Strength Index (RSI) currently sits at 42.7, positioning it just above oversold territory. This suggests that selling pressure may be easing and could point to an upcoming recovery phase.
After sliding from $1.69 to $0.57 through March and early April, Pi has entered a consolidation pattern. The cryptocurrency is now trading in a range-bound phase between $0.60 and $0.65, indicating a balance between buyers and sellers.
Technical Indicators Point to Potential Rebound
Technical analysis reveals several promising signs. The Moving Average Convergence Divergence (MACD) indicator has turned bullish for the first time in weeks, with the 12-day exponential moving average now crossing above the 26-day EMA.
This crossover typically signals increasing momentum and has historically preceded price rallies. The divergence between Pi’s price action and its momentum measures is particularly noteworthy.
On the daily chart, Pi is still trading below key moving averages. The 50-day simple moving average sits at $0.7978, while the 10-day estimated moving average is at $0.6236.
Tightening Bollinger Bands suggest a possible breakout in the near future. If bulls can overcome the resistance at $0.65, the next crucial level to watch would be $0.70.
The Average Directional Index (ADX) registers 36.82, indicating a strong trend. While the overall direction remains bearish, recent declines in ADX from its peak suggest slightly weakening momentum.
The Money Flow Index, which combines volume and price, hovers around the neutral midpoint. This typically indicates balanced market conditions that are neither overbought nor oversold.
Supply Dynamics and Future Catalysts
Pi’s token supply dynamics present both challenges and opportunities. With a maximum supply of 100 billion tokens, only about 6.7 billion are currently in circulation.
An estimated 1.5 billion tokens will be unlocked over the next year, averaging around 130 million monthly. This increasing supply could put downward pressure on prices if not matched by sufficient demand.
The mainnet migration continues to progress, with over 12 million users successfully migrated so far. The team has presented a roadmap focusing on processing referral bonuses and completing migrations, though no specific timeline was provided.
Several potential catalysts could drive price action in May. Pi Network founder Nicolas Kokkalis is scheduled to speak at Consensus 2025 this month, which could generate renewed interest.
Traders are also speculating about a possible major exchange listing. Such an event would significantly improve market access and could trigger a substantial rally.
CoinCodex offers an optimistic outlook, predicting that PI could reach $2.02 by the end of May, representing a 227% increase from current levels.
While bearish sentiment has dominated recent market action, the emerging technical signals suggest a shift may be underway. Early May could prove decisive in determining whether Pi can sustain a recovery and potentially recoup its April losses.
