Pi Network (PI) has pulled back 6% in the past 24 hours, but surging trading volume — over $100 million — suggests growing interest, not weakness.
The dip below the $0.60 support could signal a shakeout before a stronger move, as heavy activity points to renewed positioning by traders.
This marks a notable shift in sentiment, as trading volume had been steadily declining — hitting a monthly low of $60 million — before suddenly surging.
Many traders saw this lull as a sign that Pi may have reached a local bottom.
Since the launch of its public mainnet, PI has dropped 80.6% from its all-time high of $2.98, with much of the pressure linked to the network’s strict KYC requirements — a barrier for investors wanting to withdraw their tokens.
Adding to the skepticism, major CEXs like Binance and Coinbase have yet to list PI, citing concerns around KYB procedures and ongoing allegations of fraud tied to the project.
Still, with over $100 million in daily volume, the question now is whether this rebound in activity could mark the start of a recovery — and if PI has a shot at reclaiming $1 in the weeks ahead.
PI Needs to Recapture the $0.6170 Level to Climb Back to $1
Looking at the hourly chart, the price rejected a move above the $0.6170 level on Monday. This had been a key area of support previously and has now become resistance.
However, the Relative Strength Index (RSI) has already entered oversold levels, which means that the sell-off may have gone too far.
The price tried to bounce during the Asian session but was met with an equally strong downward pressure right after. The $0.5700 support seems to be the key level to watch as the session progresses.
Trading volumes at these lows have been strong, meaning that the odds favor the continuation of the downtrend for PI.
For PI to recover to $1 it would have to first break above the $0.6170 level. As momentum indicators have reached extreme levels, this could happen in the near term.
However, a strong indication that the token is ready to reverse its downtrend would be a bullish crossover between the 200-hour EMA and the 21-hour EMA.
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The post Pi Network Price Prediction: Why a Move Toward $1 May Be Closer Than You Think appeared first on Cryptonews.
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