Pi Network is booming! The price of PI Coin is aiming for a 200% explosion.

The PI of Pi Network has recorded a fall of 1.35% in 24 hours with a trading volume of 52.75 million dollars. This marks a change of 23.85% in day trading volume. Furthermore, with a price of 0.6360 dollars, the PI coin has a market capitalization of 4.69 billion dollars. Despite the continuous recovery of the cryptocurrency market, the cryptocurrency PI has a YTD profit of 62.73% and is trading at a discount of 78.63% compared to its all-time low of 2.98 dollars. This has left investors wondering about the future prospects of this cryptocurrency project. People are currently expecting a 200% increase for the token of Pi Network. While a group of investors is losing interest in this altcoin due to various concerns, a large group of investors remains very optimistic about this altcoin. This optimism arises because the project has a large community and plays an important role in the blockchain ecosystem. Considering the historical sentiments, this altcoin has shown several spikes since its inception. This suggests that a similar trend can be expected due to updates, newer upgrades, and increased adoption. Now let's explore the technical issues of the PI token. The Volume Indicator shows a strong increase in the first half of May, indicating bullish price action. However, since then, it has shown sideways price action, highlighting a cooling-off period for altcoins, suggesting a potential bullish reversal in the near future.

The Bollinger Bands (BB) show narrow bands following a significant fall in May. This trend usually indicates price consolidation in the cryptocurrency market. Additionally, the PI is oscillating in the lower half of the BB, indicating weak price action in the shorter time frame. The Bear Bull Power indicator (BBP) shows a continuous negativity on the price chart. This indicates that the bullish momentum is fading. However, optimism for this altcoin is rising to new highs every day, highlighting the potential for a trend reversal. How high will the PI price rise? A strong bullish breakout could cause this altcoin to retest the main resistance level at $1.1750 by reflecting the price action of May. Assuming the hype increases and adoption rises, it could lead to the next major resistance zone at $1.86, making it a 200% increase from the current valuation. However, this price target cannot be achieved in the short term unless a series of major events occur. The immediate resistance target for this altcoin is $0.85. Conversely, if the short sellers dominate the market, the price of PI may not regain its upward momentum and test the important support level of $0.5155 this month.