Pi Coin Breaks Out of Range But Faces Resistance

Pi, the native token of Pi Network, is a cryptocurrency project aimed at making cryptocurrency and blockchain technology more accessible to the public. Pi/USDT has hit resistance at the trading range above from $0.648 to $0.656 from June 2 to June 4 and continues to rise on trading volume to test the bullish crossover in the Ichimoku cloud, while supporting momentum, with Stochastic RSI above 80 indicating the overbought zone.

The MACD signals are inconsistent, trading around the 0 level with a slightly negative histogram, indicating that the buying side is hesitant. The current value of Pi is $0.6553 and has found support at $0.6494. It is located on the 4-hour chart and is above the 20 EMA, which implies a bullish structure in the short term, but it is limited by the resistance level of the 50-day SMA (0.71 la) 4 and the EMA 100 (0.6774 la). On the daily timeframe, Pi is still constrained within a descending triangle, and its bearish trend will only be invalidated if it closes above 0.675 USD. The Zypto App's adoption of Pi - the VISA card leading XRP and DASH - has doubled its real-world application in payments. Moreover, a new integrated blockchain game called "FruityPi" will also be launched, enhancing the gaming use case of the token. With a neutral level of the Fear & Greed Index at 57 and a 24-hour trading volume down (-32%), traders are cautiously optimistic. A clear move above $0.675 could lead to a test at $0.72, but a break below $0.649 could trigger a new decline.