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PI Network breaks through key resistance, demand surge may push it up to 0.52 dollars
PI Network (PI) recently broke through the resistance level of the horizontal channel, surging 16% during the session, accompanied by a nearly 150% increase in volume, indicating strong market buying interest. With new demand emerging, PI is expected to continue its upward trend, with a short-term target price potentially reaching $0.52.
Breakthrough level channel releases bullish signal
From August 2 to August 8, the PI price was constrained by the upper edge of the horizontal channel. However, on Saturday, the token's closing price successfully broke above the channel's upper boundary and surged 16% on that day, releasing a strong bullish breakout signal.
This breakthrough not only broke through the short-term resistance area but also sparked traders' optimism for a continued pump, laying the foundation for a new round of upward trend.
volume surge supports pump momentum
(Source: Santiment)
As the price broke through, the volume of PI surged nearly 150% within 24 hours, reaching a market capitalization of 270 million USD.
The synchronized increase in volume indicates a significant rise in market participation, with more investors actively buying, thereby reducing the likelihood of false breakouts. This pattern of rising volume and price usually suggests that the upward momentum is likely to continue in the short term.
Above the 20-day moving average, demand continues to grow
(Source: Trading View)
The increase in the past two trading days has pushed the PI price above the 20-day Exponential Moving Average (EMA), which is currently at 0.4038 USD and has formed dynamic support.
When the price is above the 20-day moving average, it indicates that the short-term bullish momentum is strengthening and market demand is continuously expanding, providing technical support for the subsequent upward trend.
Short-term Goals and Risk Attention
(Source: Trading View)
If the buying pressure continues, PI is expected to challenge the key resistance level of 0.4451 USD. Once it breaks through, the price may head straight for 0.5281 USD.
However, if the market experiences profit-taking, the PI may pull back to the support level of 0.3773 USD, and investors need to pay attention to short-term volatility risks.
Conclusion
The PI Network has shown strong upward momentum after breaking through a key resistance level and accompanied by a surge in volume. With new demand continuously pouring in, both technical indicators and market sentiment support its short-term challenge of the $0.52 target. However, investors still need to pay attention to the performance of the resistance level and the potential risk of a pullback to formulate more flexible trading strategies.