Pi Coin Price Breaks Out 26%, But Can It Hold Above $0.28?

Watching Pi Coin price this week has been a rollercoaster. The excitement kicked off with an unexpected surge, pushing Pi up over 26% in a single day. This wild action has caught the attention of traders, but what reinforces the optimism is not just the price. It’s the story behind the numbers.

Successively, a technical breakout, millions of tokens moving off exchanges, and a wave of new KYC approvals have converged. Thereby, creating a near-perfect storm that reignited bullish sentiment in a market that had otherwise looked stagnant. Investors are now buzzing about whether Pi can sustain its run or if this is just a temporary spike.

Pi Price Analysis

As of today, Pi Coin price finds itself dancing around $0.2610, up a blistering 26.45% on the day and 26.26% over the week. What strikes me is the surge in trading volume, $108.27 million in just 24 hours, marking a massive 774% jump. 

A closer inspection of the 4-hour chart reveals why traders got excited. First, Pi network price broke past both its 7-day SMA at $0.207 and the 30-day SMA at $0.23. Notably, a hidden bullish divergence showed up on the RSI, when it ticked higher from 40 to 46 even as the price dipped earlier this week. This tells us that buyers were keeping an eye out for a move.

The MACD histogram flipping positive (+0.00496) confirmed growing bullish momentum. This lined up perfectly with the 20 EMA crossing above the 50 EMA on the 4-hour chart. Consequently, the so-called golden cross usually unleashes a wave of buy pressure, and this time was no exception. However, resistance at $0.28 stands out as a pivotal level. A close above it could quickly attract breakout traders eyeing the next target at $0.36. Contrarily, a failure here or a drop below $0.20 could encourage profit-takers and risk a swift 20% correction.

Overall, Pi Coin is at a crossroads. If the price secures a daily close above $0.28, it could unlock fresh upside as confidence snowballs. But if resistance holds, expect short-term volatility and heightened risk of a retrace.

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