Pi Network price rebounds as chart points to a 135% surge
Pi Network’s price is showing bottoming signs after rebounding by over 80% from its lowest level in April.
Pi coin (PI) token jumped to a high of $0.7375 this weekend as investors bought the dip. It has soared to its highest level since March 31, with its daily volume rising by over 80% to over $700 million.
The token rose as the crypto industry held steady amid the ongoing trade jitters. Top cryptocurrencies like Bitcoin (BTC) and Solana (SOL) have bounced back this week. BTC rose to $84,000, while Solana jumped to $130.
Traders believe that the Federal Reserve will intervene as the economy absorbs Donald Trump’s tariffs. In a statement to the Financial Times, Boston Fed President Susan Collins confirmed that the bank was prepared to intervene to support the economy.
Pi Network price has also jumped as investors bought the dip after it crashed by over 86% from its highest point in February. Some of these participants viewed the crash as a bargain.
There is optimism that some large tier-1 exchanges will list the coin later this year. The most likely one will be Binance, whose community members approved its listing in February.
Other potential exchanges that may list it are Coinbase, Kraken, and Upbit. The main reason is that these exchanges will want to take some of the trading fees currently going to exchanges like OKX and MEXC.
The other potential catalyst for the Pi coin price rebound is the launch of burning. Burning will help offset the impact of the ongoing token unlocks and mining rewards.
Pi Network price analysis
The 4H chart shows that the PI coin price has bounced back in the past few weeks, reaching the key resistance level of $0.7385. This rebound happened after the token formed a falling wedge pattern between February and earlier this month.
Pi Network has now moved above the 50-period moving average, a bullish sign. Also, top oscillators like the Relative Strength Index and the Awesome Oscillator have all pointed upward, indicating that it has gained momentum.
Therefore, the token will likely continue rising as bulls target the key resistance at $1.7365, the highest swing on March 13. A move to that level signals a 135% increase.
However, there is also a risk that the ongoing rebound is part of a bull trap since it has formed a small rising wedge pattern. If this happens, then there is a risk that it will drop and retest the support at $0.40.
