Pi Network Coin surged 50% – The main reason behind the bullish trend

After months of silence and deep price decline, Pi Coin suddenly became the center of attention. In just one week, the price surged over 50%, with a 24% increase in just the past 24 hours, making it one of the best-performing coins of the week.

So what has driven the price of PI to soar? Let’s find out with Bitcoin Magazine.

Why is the price of Pi Coin rising sharply?

Pi Network (PI), known for its “tap to earn” mining system, has finally escaped the prolonged bearish trend.

This token is currently trading at nearly $0.73, with trading volume soaring to $519 million, an increase of over 200% in just 24 hours. This is a leap forward and a sign that investors are showing renewed interest.

One of the biggest reasons for the sudden price increase is the deployment of the latest technology from Pi Network – Satellite Mode. This new feature allows users to access Pi Network, mine coins, and use the application without needing the internet.

Another reason why the price of Pi Coin is increasing is that the Fed has recently lowered interest rates to 2.4% to help control inflation. When interest rates are low, people often look for better ways to grow their capital, and that is where cryptocurrencies like Pi Coin can attract more attention.

System Upgrade

In addition, Pi Network has implemented two important user-friendly updates:

• Quick KYC process: Users can now complete identity verification in less than 5 minutes.
• One-click wallet access: New users can activate their wallet instantly and start using the Pi ecosystem right away.

Pi Coin Price Analysis – Target $1

Looking at the 4-hour price chart, it shows the formation of a strong bullish pattern. Meanwhile, technical indicators such as RSI have risen to the 75 zone, signaling strong buying pressure.

In addition, the MACD has formed a positive signal, supporting the idea that Pi could rise even higher.

Currently, Pi is holding steady above the support level of $0.70. If it continues to rise and surpasses $0.82, the next target could be $1.

Source: TradingViewYou can view the price of PI here.

Disclaimer: This article is for informational purposes only and not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions.

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Viet Cuong

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