The Pi Network token (PI) has surged nearly 8% in the past 24 hours, driven by a dramatic 194.78% increase in trading volume, signaling a strong inflow of fresh interest. Yet despite this impressive short-term performance, PI remains down over 19% for the month.
The Pi Network token (PI) has surged nearly 8% in the past 24 hours, driven by a dramatic 194.78% increase in trading volume, signaling a strong inflow of fresh interest. Yet despite this impressive short-term performance, PI remains down over 19% for the month.
According to , PI is still nursing a steep 70% loss from its all-time high of $2.98 reached just over four months ago. Meanwhile, the project is about to celebrate a significant event, Pi2Day on June 28.
A closer look at the 4-hour chart below reveals a classic falling wedge formation, a bullish reversal pattern that often precedes sharp upward moves. PI decisively broke out of this wedge to the upside, confirming bullish momentum.
From a Fibonacci standpoint, the token has already reached the 1.618 extension level at approximately $0.6195, where some initial profit-taking is likely occurring.
However, if momentum continues, higher Fibonacci extension targets lie ahead: 2.618 Fib level at $0.7110, 3.618 Fib level at $0.8026, and 4.236 Fib level at $0.8592.
These targets suggest that the current price of around $0.6093 could still be significantly undervalued in the short-term, especially as a major event like Pi2Day approaches.
On the other hand, the Relative Strength Index (RSI) has recently cooled off from overbought territory but remains elevated near 65.95, a level that supports continuation rather than immediate reversal.
The MACD is strongly bullish, with the MACD line (blue) remaining well above the signal line (orange).
Pi2Day is the annual celebration of the Pi Network’s milestones and is rumored to unveil substantial updates, including a KYC Sync upgrade and generative AI integrations.
Search interest for “Pi2Day” has hit peak levels, and PI was the most searched asset on CoinMarketCap as of June 25, indicating bubbling retail attention.
