Pi Network's PI token had a grand debut on February 20, which marked a significant milestone for the crypto project. However, the much-anticipated launch led to a wave of sell-offs as early adopters rushed to capitalize on their investments. This created selling pressure and caused PI's value to dip to $0.60 on February 21. Despite this initial setback, PI has staged an impressive recovery and is now riding a renewed wave of bullish momentum.
The token has seen a remarkable 173% surge from its post-launch low, currently trading at $1.64. This triple-digit rally has been largely driven by a resurgence in demand for the altcoin in recent days. One of the key factors fueling this demand is the possibility of a Binance listing. With over 212,000 votes as of February 22, more than 86% of voters are in favor of PI's listing on the exchange. Investors are eagerly awaiting the outcome of the voting process, speculating that a Binance listing could further boost the token's price.
The increasing demand for PI is evident in its rising Relative Strength Index (RSI), which currently stands at 63.40 when analyzed on a four-hour chart. A high RSI value indicates strong bullish momentum, suggesting that buying pressure outweighs selling activity among market participants. If this trend continues, PI's price is expected to keep climbing.
Furthermore, the Balance of Power (BoP) indicator for PI also supports this bullish outlook with a positive value of 0.41. A positive BoP value indicates that buyers have more control over the market, signaling strong upward momentum and the potential for further price gains.
Technically, PI has been holding firm above an ascending trend line since February 20, affirming the bullish sentiment surrounding the altcoin. Trading above this pattern signifies a robust uptrend, with consistent support from buyers pushing prices higher. If this upward trend persists, PI could potentially break the $2 price level and aim for its all-time high of $2.20.
However, a decrease in demand coupled with increased profit-taking activities could derail this optimistic scenario. In such a case, PI's value might drop below $1.60 and retreat to $1.34.