The Pi coin has not had a good recent price performance as it has continued to fall since February. Following its open mainnet launch, the Pi network price rose to its all-time high of $2.98. After that, it continued to fall, seeing nearly a 77% decline since then. However, today, the Pi price has started to rise again after it experienced a short period of consolidation. The calm price movement was replicated by most other cryptocurrencies as well. However, with the rise of the number one crypto, the Pi token seems to be climbing as well.
Pi Price Breaks Resistance: A Bullish Reversal Underway?
As this surge started, the technical indicators have been signaling a possible prolonged rally to new monthly peaks. There are several price levels that are essential in the upcoming movement of Pi coin. Since March, the Pi price has been in decline, with price action mostly creating lower highs. However, the continuing decline was stopped recently as the Pi token rallied above the resistance line.
The resistance line was broken almost one week ago, and since then, Pi has traded above this level. Additionally, this led to the formation of a rounding bottom pattern that has historically signaled an upcoming bullish movement. This formation, also known as a saucer bottom, is usually a sign of a bullish reversal. As seen in the chart, this pattern happens when the price falls slowly instead of bottoming in a sharp movement. After the formation, the Pi network price is rising above the resistance line and starting the bullish movement.
Are Pi’s Technical Indicators Signaling a Major Price Move?
After this pattern, the Money Flow Index also started to rise as it nearly reached 68. A high MFI usually means that the buying pressure is increasing. More than the Pi price action continuously hovered around the 20-day Exponential Moving Average before its sharp climb above it. Moreover, the Moving Average Convergence Divergence also turned positive as the price continued to rise. The MACD determines the price momentum using two different Exponential Moving Averages. This indicator shows bullish momentum when the shorter EMA crosses above the longer one. In case of bearish momentum, the shorter EMA crosses below the longer one.
Pi Users Still Unsure About the Migration Timeline
Although the price analysis shows bullish momentum for the Pi network price, the community has had some problems with the Pi team. One such problem has been the lack of clarity and transparency from the Pi team. However, recently, the Pi team presented a detailed roadmap of the future developmental steps. In continuation of the same effort, they have now shared a further update explaining the future steps in the migration process. The Picore team gave an update on the official X page today regarding the continuation of migration.
Based on the tweet, the first priority of the team is to finish the migration process of the current users who are in the queue. Then they will put their focus on the second migration wave and will give out referral bonuses. Lastly, they mention that they will be continuing the migration on a periodic basis. However, the community seems to still have problems in the process of migration. Some users posted pictures of their accounts and asked when the second migration wave would start.
Is the Current Pi Price Surge Sustainable?
The technical signals for the Pi price seem to be bullish. With such technical signals, a continuation of the current bullish trend can be expected. However, community sentiment and criticism remain important problems that need to be addressed. As a new platform, the Pi network has probably been overwhelmed by its user base. However, the mainnet of this blockchain has been open for a few months. The fundamentals will be enhanced as the Pi team becomes better at communicating the project’s future goals.
Source: Coinfomania / Digpu NewsTex