Pi on the Move: Will the 6% Surge Trigger a Major Breakout?

• PI is hovering at $0.18, gained by 6%.
• Its trading volume is up by over 15%.

The Pi Mainnet has been upgraded to Protocol 20, which is an important step toward enabling smart contract functionality on the network. Moreover, the node operators should make sure their systems are updated to stay in sync. More details and guidance will follow as the network prepares for the next upgrade, v21.

Currently, the asset is trading at around $0.1882, followed by a 6% jump over the last 24 hours. Notably, the market cap is found at $1.84 billion, and PI’s daily trading volume has surged by over 15.04%, touching the $35.2 million mark, according to CoinMarketCap data. 

With the current bullish wave in the PI market, the green candles might light up, and the price could climb to the nearest resistance at the range of $0.1896. Further upside pressure might lead the price even higher. Conversely, if the PI price chart takes a bearish turn, it may retrace to a support of $0.1868. Upon the asset losing more momentum, the downside correction could gain strength and send the price to revisit the established lows. 

Where Is PI Headed Next? Key Momentum Signals to Watch

The technical analysis shows that the Moving Average Convergence Divergence (MACD) is above the signal line, but both are below the zero line, showing early signs of a recovery within a downtrend. The market is trying to turn around, but it needs more strength to confirm a reversal.

(Source: TradingView)

Besides, the Chaikin Money Flow (CMF) indicator value at 0.10 hints at a healthy buying pressure in the PI market. Also, the capital is flowing into the asset, with buyers clearly having the upper hand. There is a steady level of accumulation, which may support a gradual upward move.

PI’s daily Relative Strength Index settled at 51.91, which sits above neutral, indicating a slight bullish edge. As the momentum is not strong yet, the market is trying to pick a direction rather than making a decisive move. If RSI pushes higher, it could signal growing strength. 

Moreover, the Bull Bear Power (BBP) reading of 0.0126 is having a mild bullish tilt. Notably, the market is indecisive rather than trending. If the value starts rising, the buyers would slowly gain confidence, but currently, the momentum is quite weak in the PI market.

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