Pi Network coin price has gained nearly 36% in the last week, boosting confidence that it could be readying a reversal. Despite its substantial gains, Pi is still down by 50.6% in the last month. That points to an underlying bearish momentum that will likely see investors tame their appetite for the coin. PIUSD trades at $0.755 as of this writing and will need to reclaim the $1 mark to win back investor confidence.
An Upbeat Case for Pi Coin Price
The price of Pi coin broke a three-week losing streak last week. Despite its troubles in recent days, the price is still up by 656% since it listed on February 20. That means hodlers are still in profit, limiting selling pressure on the coin. However, an upcoming 188 million token unlock could dilute the price in the coming weeks. 2.3 million of those tokens will enter circulation today.
Meanwhile, Pi Network Coin has reclaimed the top position among CoinMarketCap’s Top 100 Most Bullish Assets. With more than 6500 votes having been cast, Pi beat Bitcoin to the first position, grabbing 7% of the tally. That adds credence to the likely continuation of upside momentum by the coin.
Elsewhere, Chainlink has added Pi Network Coin to its 22 new data streams. That means users can now get real-time, reliable data, setting it up for increased utility.
Pi Coin Price
Pi coin price pivots at $0.748 and the momentum favours the upside to prevail. That is affirmed by the RSI reading at 58 and the price action above the Volume Weighted Moving Average (VWMA). With the buyers in control, the coin will likely head up and meet the first resistance at $0.759. A stronger momentum will breach that barrier and take action to the next resistance at $0.775.
Alternatively, breaking below $0.748 will shift the momentum to the downside. That will likely see the first support established at $0.728. The upside narrative will be invalid if the price breaks below that level. An extended control by the sellers could take the price lower to test $0.710.
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