Pi Network [PI] The bullish trend continued, with a brief reclaim of $0.1, before a slight retracement. PI traded at $0.098 around the time of press, after a 11% rise on daily charts.
The price increase was supported by a 2000% rise in the trading volume, while the market capitalization reclaimed 1 billion dollars. This reflects a steady flow of funds.
The Protocol v25 Upgrade improves PI’s Stability
Pi Network has generated a lot of excitement in the crypto markets. upgrade. On July 22nd, the protocol v25 will be upgraded in the network. Upgrades are being made to the blockchain network to enhance its reliability, stability and privacy.
The Protocol v25 brings BN254 Cryptography and Poseidon Hashing to developers, allowing them to create modern applications with zero knowledge. The network also updated the app’s profile in the Mining App, restoring the pioneers’ confidence in ecosystem.
The demand for altcoins remains stable
Investors are rushing to upgrade their positions in anticipation of this new technology.
In reality, there was a significant rebound in speculative interest. Coinank states that PI’s long/short ratio has remained higher than 1 for the past two consecutive days.
At the time of publication, this metric stood at 1,04 and 50.9% were long. If traders are mostly opening long positions, this indicates that they’re bullish and expect further gains.
Investors on the spot have also been aggressively building up PI. It is noteworthy that the Delta of the market has been positive for 9 consecutive days.
Positive deltas indicate that the market is strong and buyers are actively driving prices up. It is usually a bullish confirmation.
When both spot and speculators are actively trading, the market is strengthened, allowing for more gains in the price chart.
What is the future of momentum?
PI is experiencing strong momentum on the upside, as it has closed higher for four straight days. In response, both the 9 and 21 day Moving Averages were flipped, signalling strong uptrend momentum.
The MACD of the altcoin also confirmed the upward trend by forming a bullish cross-over, which rose to 0.009. The MACD, however, remains negative. This indicates that the buyers are not fully in control of the market.
Altcoins will continue to gain if more players are encouraged by the upgrade. PI is expected to hold its $0.10 level and then target $0.12 as resistance.
Final summary
- Pi Network continued its bullish trend, increasing by 11% from $0.1 to $0.098 before a slight retracement to $0.098 as of press time.
- PI is experiencing renewed demand from traders who are repositioning themselves in anticipation of protocol v25.
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Source: ambcrypto.com
