Pi Network (PI) has seen more than 70% growth over the past 24 hours, bringing its market capitalization to $16 billion and trading volume to more than $2.3 billion. Despite reaching new all-time highs near $3, technical indicators suggest potential price volatility. Traders are monitoring whether the token will advance towards $4 or retreat to support levels around $1.7, $1.42, or even $0.79.
The Pi Network’s Directional Movement Index (DMI) indicates significant momentum, with the Average Directional Index (ADX) rising to 57.7 from a previous 12.3 in just one day. This dramatic shift signifies a substantial strengthening of the trend. Concurrently, the Positive Directional Indicator (+DI) increased to 40.9 from 14.6, while the Negative Directional Indicator (-DI) decreased to 1.1 from 19.4. This combination of a high ADX and a wide spread between +DI and -DI confirms a strong bullish trend with minimal selling pressure.
Despite this upward movement, the BBTrend indicator for PI is negative, indicating potential overbought conditions and a possible price correction. Traders should closely monitor these technical indicators to better understand potential future price movements of Pi Network.