Pi Network Tokens Surge Past Downtrend Resistance
The Pi Network token has experienced a significant rally in recent days, outperforming Bitcoin's returns. In the past 24 hours, PI token prices have risen by 2.5%, while Bitcoin saw a 1.06% increase over the same period. On a weekly basis, PI tokens are up 4.81%, compared to Bitcoin's 2.13% gain.
The Pi Network team has introduced new capabilities for developers working on the network, including local storage support and access to app-specific staking data. This development is expected to enhance the network's application-level utility and contribute to its growth in value.
Despite the bullish trend, analysts caution that PI tokens are still operating within a broader downtrend. Key swing levels to watch on the daily timeframe include $0.139 and $0.070, marking the bearish structure's relevant swing high and low, respectively.
In the short-term, the price action appears encouraging, with the upper bounds of a month-long range formation (between $0.085-$0.093) having been flipped to support. However, the $0.11 local high and higher timeframe supply zone ($0.12-$0.13) pose significant obstacles to continued PI gains.
For now, bulls must remain cautious until a breakout past the daily swing high at $0.1395 signals a long-term trend shift.