The Pi Network [PI] token recorded a 2.5% price increase over a 24-hour period, bringing its weekly gains to 4.81%. This performance outperformed Bitcoin [BTC], which posted returns of 1.06% and 2.13% over the same respective timeframes.
The recent price movement follows a blog post update from the Pi Network team introducing new capabilities for developers, including local storage support and access to app-specific staking data. These additions are designed to improve the network's application-level utility.
Technical Structure and Key Levels
The token's value growth accompanied a breakout past a local range formation. On the daily timeframe, the key swing levels to monitor are $0.139 as the relevant swing high and $0.070 as the swing low, which mark the current bearish market structure.
Despite the broader daily downtrend, several technical indicators have shown positive signs:
- A local resistance zone at $0.0955 has been breached.
- The Chaikin Money Flow (CMF) has remained above +0.05 for nearly a month, pointing to sizable capital inflows.
- The MACD formed a bullish crossover above the zero line, indicating upward momentum.
However, swing traders and investors are advised to exercise caution. The daily swing structure remains bearish, meaning holders must remain wary even if the $0.10 psychological resistance level is breached.
Short-Term Resistance and Outlook
In the short term, PI broke out of a month-long range formation between $0.085 and $0.093, with the upper bounds subsequently flipping to support. While momentum remains bullish, the CMF indicates that buying pressure has eased slightly in recent hours.
Substantial obstacles remain for continued gains, including a local high at $0.11 and a higher timeframe supply zone between $0.12 and $0.13. Consequently, holders and swing traders may consider taking profits on upward moves. A decisive breakout past the daily swing high of $0.1395 is required to signal a long-term bullish trend shift.
