Date: Sun, February 23, 2025 | 04:05 AM GMT
n the cryptocurrency market within the last 24 hours, Pi Network (PI) has made a strong bounce back after facing a drop with the initial launch of its mainnet on February 20, where the price fell to a low of $0.60 due to early miner sell-offs and concerns about the project’s legitimacy.
However, in the last 24 hours, PI Coin price has made a bullish rally, surging over a massive 100% gain.
Source: Coinmarketcap
What’s Ahead?
On the hourly chart, PI has made an impressive recovery from its key support at $0.60, surging to a 24-hour high of $1.72 before consolidating around $1.49.
Pi Network (PI) 1-H Chart/Coinsprobe (Source: Tradingview)
Currently, PI is approaching a descending trendline resistance, which will be a critical test for the bullish momentum. If buyers manage to push the price above this resistance, PI could move toward the next major psychological level at $2.50.
In terms of potential retracement, support levels to watch include $1.21 and $1.00. Holding above these levels will be essential for maintaining the short-term bullish trend.
The MACD indicator on the hourly chart shows bullish momentum, with the MACD line trending above the signal line, indicating that buying pressure remains strong. If the trend continues, further upside movement could follow in the coming sessions.
Final Thoughts
Pi Network’s price action over the last 24 hours signals a strong recovery after a facing a initial listing drop. The combination of positive sentiment from the project’s response to allegations and growing speculation about a Binance listing has fueled the rally. However, breaking above the descending trendline resistance will be crucial for confirming a continued upward trend.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
