- PI token jumps 10% as breakout above $0.67 triggers high volume and RSI nears overbought levels
- A 5 billion supply spike hints at internal test ahead of potential listing on Binance or BitMart
- MACD supports continued PI rally as listing anticipation fuels FOMO and targets $1 price zone
Pi Network’s PI token has experienced a significant surge, climbing 10% in the past 24 hours to trade at $0.6872, accompanied by a 40% increase in trading volume. This rally for the PI token mirrors broader crypto market strength, with Bitcoin reclaiming $103,000 and Ethereum clearing $2,200.
Technically, PI has broken above its 20-day Exponential Moving Average (EMA) at $0.6291. More importantly, it breached key resistance between $0.66 and $0.67, backed by strong volume that confirms significant buying pressure. If PI holds this breakout, its next target could be the $0.85-$1.00 range.
PI Supply Anomaly Fuels Exchange Listing News
An unusual, brief spike in PI token’s circulating supply has caught market attention. Analyst Dr. Altcoin noted the circulating supply briefly rose by 5 billion tokens, (from 7 billion to 12 billion), before quickly reverting. This change did not affect PI token supplies on exchanges, though.
While the supply available on exchanges remained unchanged, this temporary surge is speculated to be a stress test of a newly established 5 billion Pi liquidity pool. This move strongly hints at preparations for potential listings on major cryptocurrency exchanges, with Binance, BitMart, and HTX being cited as possibilities.
Looking ahead, Dr. Altcoin sees PI token’s price potentially holding around $1 until about May 14th. Positive news on exchange listings could then propel the PI token towards $2 by August end.
PI Technicals: Bullish Drive Meets Overbought Caution
As per the PI 4-hour chart below, the Relative Strength Index (RSI) is currently at 78.92. Generally, an RSI above 70 suggests that an asset is in overbought territory, indicating a potential for a price correction or consolidation.
Related: Pi Price Prediction: How the May 14 Announcement Could Trigger a Breakout
On the other hand, the MACD line (blue) is above the signal line (orange), and both are above the zero line. This indicates bullish momentum. The histogram bars are green and increasing, which further supports the strengthening bullish trend.
Structurally, the PI token trades well above its recent swing high (the 0% Fibonacci level). If a pullback occurs, initial support for the PI token is near $0.6317 (the 0.236 Fib level, aligning with the 20-day EMA).
Related: Pi Network Brings Key Updates to Consensus 2025 With 55M Users and Mainnet Live
Deeper PI token support levels sit at $0.6202 (0.382 Fib) and $0.6109 (0.5 Fib). A break below $0.6016 (0.618 Fib) could signal a larger PI token correction.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
