Top reasons why the Pi Network price has surged by 50%

Pi Network price has staged a powerful restoration this month, transferring up by 50% from its lowest degree this 12 months, making it one among the best-performing cryptocurrencies in the trade.

Pi Coin (PI) token rose to a excessive of $0.1945, its highest degree since January twentieth. It has risen in the final 4 consecutive days, outperforming different cryptocurrencies like Bitcoin and Ethereum.

Pi Network token jumped as buyers waited for key upgrades, which is able to begin as we speak, February 15. Extra upgrades will proceed in the coming weeks or months as the builders work in direction of rising its decentralization. The upgrades are a part of its motion from model 19 to 22 of the Stellar community.

Pi Network price has additionally jumped as buyers anticipate the upcoming first-year anniversary of its mainnet launch, which occurred on February twentieth final 12 months.

Moreover, knowledge reveals that the coin’s demand has jumped in the previous few days. Information compiled by CoinMarketCap reveals that the 24-hour quantity jumped to over $52 million, a lot greater than the latest each day common of beneath $10 million.

Most significantly, there are indicators that the community will obtain a giant itemizing later this 12 months. For instance, Kraken, a prime American alternate, has hinted that it’s going to launch it quickly. It has added it on its roadmap web page, elevating the chance of an inventory.

Kraken will turn out to be the first main alternate that has listed the token since its mainnet launch final 12 months. It is going to make it accessible to different American buyers as the firm has hundreds of thousands of consumers.

Pi Coin price can be doing properly due to the ongoing crypto market rally, which began on Friday after the US launched the newest shopper inflation report. The report revealed that the headline CPI fell to 2.4% in January and is slowly transferring in direction of the 2% goal.

Pi Network price technical evaluation 

The each day timeframe chart reveals that the Pi Network price bottomed at $0.1300 this month and has rebounded in the previous few days. It has rebounded to a excessive of $0.1965, its highest degree since January 19.

The token has jumped above the key resistance degree at $0.1522, its lowest degree on October 10 final 12 months. It fashioned a double-bottom sample at that degree. It additionally rebounded after becoming oversold.

The coin has now fashioned a 3 white troopers sample, which is made up of three consecutive bullish candles. It has moved above the 50-day Exponential Transferring Common, an indication that bulls are in management.

Subsequently, the almost definitely state of affairs is the place the token continues rising as bulls goal the key resistance degree at $0.2166, its highest swing in December final 12 months. A transfer above that degree will level to extra good points, probably to the psychological degree at $0.2500.

The danger, nonetheless, that the ongoing rebound could possibly be a dead-cat bounce, the place an asset in a freefall rebounds after which resumes the downtrend.