On Saturday, the PI network token was closed above the horizontal channel cap, indicating a potential bullish breakout.
Over the past 24 hours, improved market sentiment has encouraged Altcoin gatherings. It’s up 2% and appears poised to expand profits even further.
PI breakouts cause optimism about sustained price increases
Measurements on the PI/USD daily chart show that yesterday the PI price broke above the horizontal channel cap. The channel was blocking a significant upward movement between August 2nd and August 8th.
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This breakout earned PI 16% during yesterday’s trading session. When assets surpass these important resistance, it suggests new bullish sentiment and the possibility of lasting gatherings.
For PI, this breakout could mark the beginning of a stronger upward trend as traders gain confidence and momentum.
Strong buying interest drives PI high
Today, PI maintains rally and is up 2%. A surge in trading volumes is accompanied by this price increase. Over the past 24 hours, we jumped nearly 150% to reach $270 million per press time.
When combined with price increases with such increased trading volumes, the strength of the trend is confirmed. This indicates that more participants are actively purchasing, supporting price movements, and reducing the likelihood of false breakouts.
In the case of PI, a surge in volume strengthens positive momentum, suggesting that rally could last in the short term.
Additionally, PI’s rally in the last two sessions has pushed prices above the 20-day index moving average (EMA) and confirmed an increase in demand. In press time, this important moving average forms a dynamic support of $0.4038 under the token price.
The 20-day EMA measures the average price of assets over the last 20 days, giving weight to recent prices. As assets trade above the 20-day EMA, short-term bullish momentum is increasing as interest surges purchase.
This could confirm that assets are on an upward trend and continue to gain strength.
Pi Rally gains traction and has an eye of $0.52
Buy momentum and PI can extend the rally and try to break above key resistance level at $0.4451. A successful breakout that surpasses this barrier could push the price to $0.5281.
Conversely, if traders start to make profits, the price of the PI could fall back to support nearly $0.3773.
As new demand emerged, the eyes of post-PI networks have grown larger.
