UPDATE: Pi Network (PI) is witnessing a surge of nearly 1% as of Wednesday, December 1, 2023, signaling a potential recovery from its recent low of $0.20. This uptick follows a previous day’s Doji candle, which recorded a modest 0.40% gain. The latest data reveals a significant increase in retail interest, suggesting that investors are gearing up for a New Year rebound.
Data from Santiment indicates that Pi Network’s social dominance has skyrocketed from 0.008% to 0.086% in just one day, reflecting a growing buzz around the cryptocurrency. This surge in social media discussions signals heightened retail anticipation for a price rebound as the New Year approaches.
Despite recent volatility, Pi Network’s trading volume has remained robust, with a notable 7 million PI traded on Wednesday, although it has dipped from 38.65 million PI recorded earlier in December. The current momentum is fueled by optimism around a potential Morning Star pattern forming, which could propel prices towards the 50-day Exponential Moving Average set at $0.2191.
Analysts highlight that while the Relative Strength Index stands at 41, indicating neutral to bearish pressure, the Moving Average Convergence Divergence (MACD) shows a positive trend with rising average lines and green histogram bars. This suggests an upward shift in bullish sentiment, positioning PI for a possible breakout.
However, investors should exercise caution. If Pi Network fails to maintain its current levels and slips below the low of $0.1919 from October 11, it could test the S2 Pivot Point at $0.1593, raising concerns about further declines.
As retail excitement builds, all eyes are on Pi Network to see if it can capitalize on this momentum and deliver a strong performance heading into the New Year. The developments will be closely monitored by investors and analysts alike, eager to gauge the cryptocurrency’s next moves.
Stay updated as we continue to track the latest trends and movements in the crypto market.
