Jakarta, Pintu News – PI Network’s native token, PI, experienced a sharp rise on Friday’s daily chart, breaking through the resistance line that has capped its rise since mid-August.
This movement comes amid renewed momentum in the overall crypto market. With technical indicators showing an increase in demand, PI has the potential to continue its rise to higher levels.
During the trading session on September 13, PI experienced a significant surge in demand, and closed the day with prices above the upper line of the horizontal channel that has kept prices flat since August 19.
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That upper boundary, which formed at $0.3587, has now turned into a support floor, marking an important shift in market sentiment.
PI’s technical indicators confirm this new surge in demand for the token. For example, the Chaikin Money Flow (CMF) indicator is currently above the zero line and showing an upward trend, indicating buying pressure. As of September 13, the CMF value stood at 0.04.
CMF itself measures the strength of buying and selling pressure by tracking capital flows in and out of an asset in a given period.
CMF values above zero indicate an inflow of funds into the token, while values below zero indicate an outflow of funds.
In the case of PI, the CMF value of 0.04 that coincided with the price increase suggests that investors are actively accumulating these tokens, rather than selling amid the rise. This trend reinforces the possibility that the current price surge is driven by real demand, rather than pseudo-movement, thus strengthening the potential for further upside.
Moreover, PI’s rally in the last 24 hours (13/9) has pushed its price beyond its 20-day exponential moving average (20-day EMA), which now stands at $0.3545 and acts as dynamic support below the current price.
The 20-day EMA measures the average price of an asset over the last 20 trading days, giving greater weight to recent prices.
When the price of an asset is above its 20-day EMA, it reflects short-term bullish momentum and indicates that recent buying activity is strong enough to keep the price above its trend average.
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PI’s ability to stay above this level signals that the bulls are in control of the market, and the EMA could potentially become a dynamic support floor in case of a correction. This could also be the basis for PI to maintain its upward trend.
If demand continues to increase, PI has the opportunity to try to break the next major resistance at $0.3903. If it manages to cross this boundary, PI has the potential to start a rally towards $0.4661.
However, if the retest attempt of the breakout line fails, the PI could revert back to its previous sideways pattern. If the selling pressure intensifies, the price could even fall below the support of the 20-day EMA, which could prompt a further drop to $0.3391.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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