Pi Network Token Experiences Remarkable Gains Ahead of Pi Day

The native token of Pi Network, PI, has rebounded after several days of decline, recording a notable 6% increase in the last 24 hours to currently trade at $1.47.

This upward movement occurs right before Pi Day on March 14, alongside increasing market speculation regarding a possible listing on Binance.

PI Gains 21% as Traders Gain Confidence

In the past 24 hours, PI has surged by 21.3%, largely fueled by enthusiasm surrounding a prospective Binance listing and anticipated announcements for Pi Day. This date also marks the cutoff for completing KYC processes and transferring PI holdings from the mobile app to the Mainnet. These significant forthcoming events have triggered a fresh wave of demand for PI, driving its prices upwards.

The increasing Relative Strength Index (RSI) for PI indicates a rising number of buyers in the spot market. The momentum indicator appears to be ascending and is predicted to exceed the pivotal 50-center line soon.

A shift above the 50-neutral level in the RSI can indicate a transition from a bearish to a bullish trend, highlighting increasing buying pressure that could further elevate PI's price if continued.

A confirming move above the 50 level would bolster the optimistic sentiment surrounding PI, potentially drawing in more traders seeking upward momentum.

The positive Chaikin Money Flow (CMF) of 0.16 adds to this optimistic outlook. This indicator measures the flow of money into and out of PI and is presently above zero.

This trend suggests that buying enthusiasm is overshadowing selling pressure among PI holders. Such conditions signal confidence in the token’s performance, raising the chances of additional price appreciation.

PI Eyes Recovery After Steep Drop—Can It Reclaim $2?

Despite the recent rebound, PI has seen a 19% decline over the past week, pushing its value below a crucial resistance level of $1.62. Should this positive trend continue and the demand for PI escalate, it may soon aim to surpass this critical threshold.

Breaking above $1.62 could pave the way for PI to exceed the $2 mark, potentially nearing its all-time high of $3.

Conversely, if profit-taking scenarios emerge again, they could undermine this bullish forecast. A spike in sell-offs may lead PI's value to continue its downtrend towards $1.34.