In the past 24 hours, Pi Network [PI] token prices have rallied by 2.5%, and the altcoin was up 4.81% in a week. This price performance compared favorably to Bitcoin’s [BTC] returns of 1.06% and 2.13% in the past 24 hours and the previous week, respectively.
The team introduced new capabilities for developers working on Pi Network, including local storage support and access to app-specific staking data, per their blog post update. This should improve the network’s application-level utility.
This bullish development has led to PI crypto value growth as the altcoin managed a breakout past a local range formation. Can the bulls keep the uptrend going?
PI is operating within a broader downtrend
The key swing levels to watch on the daily timeframe are $0.139 and $0.070. These levels mark the bearish structure’s relevant swing high and low, respectively.
On the bright side, a local resistance zone at $0.0955 has been breached. The CMF has been above +0.05 for nearly a month now, indicating sizeable capital inflows. The MACD also formed a bullish crossover above the zero line, a sign of upward momentum within the broader downtrend.
Yet, swing traders and investors must remember that the daily swing structure was bearish. Therefore, even if the $0.10 psychological round-number resistance is breached, holders must remain wary of being too bullish.
PI crypto value capped by a glass ceiling
In the short-term, the price action was encouraging. A month-long range formation (purple) between $0.085-$0.093 has been breached, and the upper bounds of the range have since been flipped to support.
The momentum remained bullish, though the CMF suggested buying pressure has eased in recent hours.
However, the $0.11 local high, as well as the $0.12-$0.13 higher timeframe supply zone, could pose a severe obstacle to continued PI gains. Hence, holders and swing traders can consider taking profits on a move higher.
A breakout past the daily swing high at $0.1395 is needed to signal a bullish long-term trend shift. Until then, bulls must be cautious.
Final Summary
- The Pi Network token price growth reflected bullish market sentiment following BTC’s defense of $77.5k.
- PI bullishly broke out of a month-long range formation, but bears dominated the higher timeframe trend.
