With the Pi Network price rising by 18%, is a correction imminent?
As reported by crypto.news, the token of the Pi Network has experienced an 18.46% increase in the last 24 hours. At present, its trading price has reached a maximum of $0.63. This signifies the peak of a gradually advancing rally that commenced several days ago. The network’s token has increased by 14% over the past week.
As a result of the recent increase in Pi price, the daily trading volume has risen by over 35% in comparison to the prior day. The trading volume of the token currently exceeds $186 million.
Its market cap has risen by 19.06% in the wake of the price surge. It currently has a market capitalization of $4.74 billion.
The recent surge in pricing may be due to the upcoming generative AI features previously teased by the project’s core team. In a post shared on June 21, Pi Network teased a reveal for the upcoming Pi2Day event on June 28.
Is a Pi Network correction coming?
Nonetheless, a number of analysts caution that a possible correction may be on the way, one that could bring the rally to an abrupt halt. The market indicators indicate that technical indicators and hype cycles are currently driving the rally, but unfortunately it may be short-lived.
The core team intends to unlock more than 268 million PI tokens in July, marking the largest monthly release until 2027. This token drop may cause price pressure because of the heightened circulation of tokens.
Furthermore, certain analysts point out that optimistic signs from indicators like MACD and RSI are beginning to fade. Certain traders have identified crucial resistance points that might initiate a downturn toward the next support level, potentially pulling the price down to between $0.57 and $0.60.
As reported earlier by crypto.news, the Pi Network managed to recover by 5% earlier this week after a decline of 70% from its previous peak. The token managed to rise from a daily low of $0.5126 to a peak of $0.552.
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