TL;DR
- Pi Network’s native token reacted well to the recent crash that pushed it to an all-time low and is up by over 50% on a weekly scale.
- Its daily double-digit surge has positioned it close to the top 30 altcoins by market cap, but it remains far off its peak.
Although the monthly chart is quite painful, with PI still down by 60%, the lower timeframes paint a more promising picture. Recall that the token dumped to $0.407 (on CoinGecko) on April 5, which became an all-time low.
However, it bounced off almost immediately and soared past $0.75 just a day later. It has failed to maintain its run and was taken south once again during the massive volatility induced by Trump’s Trade War during the trading week.
Nevertheless, it has emerged as one of the two top performers on a daily scale now, trailing only BONK. PI is up by over 15% and now trades close to $0.7 once again.
Consequently, its market cap has risen to $4.7 billion on CoinGecko, which places it in 31st place in terms of largest assets. Still, PI was once close to breaking within the top $10 alts, when its price stood close to $3.
While today’s performance is quite bullish, there are certain warning signs about its short-term moves. The number of tokens to be unlocked in the next few days is quite high, reaching up to 10 million on April 18. Such large number of coins getting unlocked at the same time could lead to increased selling pressure and further downside.
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