UPDATE: Pi Network (PI) is witnessing a surge of nearly 1% as retail interest spikes ahead of the New Year. The cryptocurrency is currently trading above $0.20, extending its recovery following a Doji candle with a 0.40% gain on the previous day.
New data from Santiment reveals that Pi Network’s social dominance has jumped to 0.086%, up significantly from 0.008% the day before. This surge indicates a growing buzz among retail investors, potentially signaling a rebound as we approach 2024.
The technical outlook for PI appears promising. The cryptocurrency is forming a Morning Star pattern, which, if completed successfully, could propel prices towards the 50-day Exponential Moving Average at $0.2191. Market analysts are closely monitoring these developments as the momentum indicators remain mixed, with the Relative Strength Index hovering around 41, suggesting neutral to bearish pressure.
Trading volume has shown fluctuations, with daily activity peaking above 7 million PI in December before declining to 8.58 million PI on Wednesday. This slight decline from 38.65 million PI on December 1 could indicate a shift in trading dynamics as investors brace for potential volatility.
Should Pi Network slip below the October 11 low of $0.1919, it may test the S2 Pivot Point at $0.1593, raising concerns among investors.
With New Year optimism fueling interest, eyes are on Pi Network as it seeks to regain momentum. The coming days will be crucial as traders evaluate the potential for a rebound. Stay tuned for further updates on this developing story.
