PI coin soars 92% ahead of May 14 announcement — $1.82 incoming?

PI has recorded one of the most impressive gains in the past week and now stands at a critical juncture. Market indicators support the view that a rally is likely, with the asset continuing its upward path. Pi Network [PI] has remained bullish in recent weeks, gaining 51.26% over the past month and rallying 92.17% in the past week alone. This bullish movement has reached a critical point, with PI trading within a key level. An upcoming ecosystem update could significantly impact the asset’s price. Ecosystem update forces bulls out of their shell PI’s recent market rally has been driven by investors pricing in the upcoming ecosystem update, scheduled for the 14th of May. Previous updates have typically triggered rallies, as they are considered bullish—scenarios that have often served as catalysts for PI’s upward moves. However, despite this bullish sentiment, AMBCrypto found that PI remains at a critical level just before the announcement. At the time of writing, PI was trading within a critical supply zone. Ideally, this zone would prompt a pullback, but the price remains stuck within this range. This suggests a degree of bullish pressure at this level, with the price resisting any significant drop. Source: TradingView Interestingly, a look to the left reveals the formation of a green long-legged doji, which suggests indecision among traders despite trading within a supply zone. This is noteworthy, as it indicates that traders aren’t convinced to sell, and some view this range as an accumulation opportunity. If bulls gain strength at this level, PI could break out of the supply zone, with two targets in sight: a 49% rally to $1.82, and a broader move to $3 after a 146% surge. However, a breakdown from this pattern would imply a drop toward the demand zone below the $1 region. This level will be crucial for PI to sustain its overall rally A rally and pullback are in the mix. Technical indicators in the market present a slightly different, though still bullish, outlook. First, the current rally is backed by the Average Directional Index (ADX). The ADX measures the strength of a market trend. An upward trend in the ADX suggests strong momentum, while a downward move indicates weakness. Source: TradingView At present, PI’s price and the ADX are both trending upward. However, the Relative Strength Index (RSI) suggests that PI may consolidate within its current support zone. This insight comes from the RSI crossing into the overbought zone, indicating that at its current price, PI is overvalued and needs to rebalance before making its next move. This rebalancing is likely to involve consolidation, given the bullish sentiment. However, if sentiment shifts, the price could decline. What is the PI community’s verdict? Investors remain predominantly bullish on PI and anticipate a rally. At press time, 89.5% of investors indicate they’re willing to purchase the asset. Source: CoinMarketCap If this cohort is correct—which has often been the case—PI will likely continue rallying from its current price, potentially reaching as high as $3. However, a closer look at the charts reveals a slight shift in community sentiment from previous highs as the price approached this level. Source: https://ambcrypto.com/pi-coin-soars-92-ahead-of-may-14-announcement-1-82-incoming/