Pi has gone up by nearly 5% in the past day and currently sits at $0.6683 as cryptocurrencies have rallied following some reassurances from President Trump and White House officials about their approach to tariffs and monetary policy matters.
However, the native asset of the Pi Network currently trades 77.6% below its all-time high of $2.98 as it started to plummet right after its public mainnet was launched.
The network’s decision to require its users to go through Know Your Customers (KYC) protocols to claim PI tokens has been one of the reasons for this collapse as it goes against one of the most relevant core principles of blockchain technology.
Meanwhile, top crypto exchanges like Binance and Coinbase have refused to list PI as they were required to go through Know Your Business (KYB) proceedings as well. This limited PI’s liquidity and deteriorated the token’s near-term prospects.
Even though PI has recovered recently with weekly gains of 8.1%, technical indicators show that the downtrend may resume as positive momentum seems to be losing traction.
Momentum Readings Show that PI Could be Due For a Pullback
The hourly price action shows that Pi broke above a symmetrical triangle recently with strong volumes and rapidly surged to a key area of resistance at around $0.67.
The price has now climbed above its 21-day exponential moving average (EMA) but momentum indicators show that the rally may have entered a phase of exhaustion.
The Relative Strength Index (RSI) recently touched overbought levels and it is now on a downtrend. Moreover, the oscillator made a bearish cross below the signal line, which is typically interpreted as a sell signal.
Meanwhile, the MACD’s histogram shows steadily decreasing positive momentum readings as the price got to this key resistance area.
Traders should approach this rally cautiously as technical indicators seem to be anticipating a pullback. That said, the $0.67 has now turned into support alongside the 21-day EMA.
As PI continues to struggle with reputation issues and weak momentum, Bitcoin has surged by more than 11% in the past week.
As PI grapples with reputation challenges and sluggish momentum, Bitcoin has surged over 11% in the past week — reigniting bullish sentiment.
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