Pi Coin (PI) Price Surges Above 26% on Monday
Pi Coin (PI), the native token of the Pi Network, jumped over 26% on Monday. It reached a high of $0.29 before dropping. Currently, PI trades at $0.23, up 10% in the last 24 hours. Traders are watching to see if this momentum continues.
The surge started as Monday’s trading session opened, after the token moved sideways over the weekend. Trading volume rose sharply by 821.12%, reaching over $127 million in one day, according to CoinMarketCap.
Technical Analysis of Pi Coin
On the charts, Pi broke above its 7-day moving averages. The Relative Strength Index (RSI) climbed from 40 to 69, then dropped to 53. This shows initial bullish control but suggests the token may be overbought. This could lead to a price reversal.
Major indicators remain bullish, but Pi faced resistance near $0.28. If the price closes above this level, it may rise further. Otherwise, it could fall back to around $0.20.
Mainnet Progress Drives Recent Rally
The recent price increase relates to progress on the Pi Network mainnet. On October 23, the team reported that over 3.32 million users completed their KYC. These users moved their tokens to the mainnet, reducing the tokens on exchanges.
This milestone has boosted investor trust and prepares Pi for real-world use. Around 4.76 million accounts still need to complete KYC, but the completion rate is improving weekly. More information is available on the official Pi Network blog.
