Pi Coin price forms a bullish pennant as volume soars ahead of Pi Day
Pi Coin price rose for three consecutive days and is slowly nearing its highest point this year as demand from investors continues rising ahead of the Pi Day event.
- Pi Network price has formed a bullish pennant pattern on the daily chart.
- The coin’s volume has jumped to over $40 million.
- The rally may continue this week, potentially to the key resistance level at $0.2935.
Pi Network (PI) token rose to $0.2325 today, March 11, a few points below the year-to-date high of $0.2363. It has jumped by double digits from its lowest level this year.
Data compiled by CoinMarketCap and CoinGecko shows the coin’s volume continues rising, a sign that investors expect the price to continue rising in the near term.
CMC data shows that the 24-hour volume jumped to $42 million, while another one by CoinGecko puts the figure at $46 million. Its daily volume was less than $10 million a few weeks ago.
In most cases, a surge in daily volume is a sign that investors are buying. It is also a sign that investors are starting to embrace the Fear of Missing Out (FOMO) now that the coin is beating popular coins like Bitcoin and Ethereum.
The ongoing rally is being driven by the hype surrounding the upcoming Pi Day event on Saturday this week. Investors are buying as they wait for what the team will announce on this day.
Additionally, the buying is happening as the ongoing core upgrade advances. The ongoing upgrade phase will have a deadline tomorrow, March 12). If the trend continues, the final upgrade will likely conclude in either April or May this year.
Additionally, the volume is rising as investors continue to wait for the potential Kraken listing, which is expected to happen any day this year. This listing will be a major milestone for the coin as no major exchange has listed it since its mainnet launch.
Pi Coin price prediction and analysis
The daily chart shows that the Pi Network price has surged in the past few weeks. A closer look shows that it has formed a bullish pennant pattern, which is made up of a vertical line and a symmetrical triangle. It has already moved above the upper side of the triangle, meaning that the bull run may continue rising.
The coin has also formed an inverted head-and-shoulders-like pattern, which often leads to a bullish reversal. It has moved above the 50-day Exponential Moving Average and the Supertrend indicator.
Therefore, the coin will continue rising as bulls target the next important target at $0.30. This outlook will be confirmed if it moves above the year-to-date high of $0.2380.
