- Pi coin price has risen by over 28% in the last week and that has got investors bumped up again. We discuss this and the prospect of $0.30.
Pi coin has been doing well recently, going up 26% in the last week from lows of around $0.20 to highs of $0.29. The energy is Palpable, and Pioneers are excited for a good cause. So, what’s making this rally happen, and is $0.30 a tenable support level for the near future?
Why is Pi Coin Price Rising?
The rise by Pi Coin price started with major fundamental factors. Pi Network has now joined the ISO 20022 standard, which means it works with the same payment rails as XRP and XLM. That could significantly shift the game for institutional adoption. This worldwide messaging standard is very important for integrating traditional finance. In addition, it offers the Pi Network a big boost in credibility when it comes to its long-term goal of becoming a global payment system.
At the same time, more than 3 million people completed KYC and moved to the mainnet, which cut down on the amount of coins in circulation significantly. The continued movement of users to the Enclosed Mainnet and the growth of the Know-Your-Customer (KYC) verification process has strengthened confidence. With millions of users completed this important stage, they can now move their minted Pi coins to the mainnet.
This shows that users are becoming more confident and that the availability of liquidity is getting tighter, which naturally lowers the pressure to sell. But sentiment, not just fundamentals, moves markets. You can feel the energy in the Pi Coin community, with daily trading volume on major exchanges going above $50 million. Expectations of a rate cut by the Fed are also supporting risky assets, and Pi is taking advantage of that broader trend.
Technical Analysis
Pi is trading at $0.257, and is above the 20-day SMA at $0.216. This signals that the bulls are in charge. The $0.240 pivot is the first level of support, with the second one likely at the 20-day SMA at $0.216 and the third at the psychological $0.20 near the weekly low. Initial resistance is likely to be at at $0.272 and the second one could come at $0.287. If Pi breaks out over $0.30, it could target $0.35. RSI at 61.64 is bullish without the risk of overbought conditions.
PI/USDT pair daily chart with 20,50,100 SMA indicators. Source: TradingView
Pi coin is rising because of the successful migration of millions of users to the enclosed mainnet, enabling redemption of minted Pi. Also, Pi Network’s move to ISO 20022 has raised its stature and credibility in global financial payments system.
The migration locks up Pi and will ensure that supply of Pi coins is tightened. That is good for investors because it enhances scarcity and raises the value of the coin.
Yes, if Pi Coin price holds within the $0.272-$0.287 range, it could breach $0.30 and potentially flip it into a support level.
This article was originally published on InvestingCube.com. Republishing without permission is prohibited.