• Price surged 30% to $0.9351, breaking key resistance at $0.7869 after prolonged consolidation.
  • Technical indicators show strong momentum with a positive MACD crossover and RSI at 79.09.

PI coin showcased a stunning price spike, where the currency rose by approximately 30% and touched the top of $0.9351. A strong upward momentum was in place before the recent price explosion as the market continued to be stuck around the $0.60 support throughout April.

A look at the 4-hour chart shows that PI has completely broken through several resistances, including the crucial $0.7869 horizontal level.  The resistance had always held rallies at bay. According to CMC data, the dominant green candle on May 11 indicates high demand and volume, which means investors are actively participating in this market rally.

Will PI Coin Break Above The $1 Mark?

PI Coin Surged 30%, Becomes Top Gainer, Eyeing $1 Mark image 0

Source: Tradingview

The technical indicators are signalling a clear bullish move for the PI token. The MACD clearly shows a bullish crossover and buying momentum. The increasing green histogram bars show that this upward movement is strong. 

Simultaneously, the RSI stands at 79.09, with the asset in overbought levels. Although overbought levels usually require caution, the aggressive uptrend and the upward movement of the RSI indicate that this rally is far from over.  But a consolidation could help stabilize the market.

The Social Sentiment indicator showed a positive sentiment score of 0.1888, with recent green histogram bars. This trend reflects rising optimism about Pi Network, which is likely to shape the current rally.

In terms of exponential moving averages, PI has decisively broken through its 50-day and 200 EMA values. It represents a significant shift because the altcoin price had been below these critical EMAs for much of April.

The reliable support area at $0.60. The repetition of testing of this support zone before the beginning of the rally emphasises its importance in market dynamics.

As the break persists, traders should watch the important psychological resistance level at $1.00. If the market continues to rise, PI coin may attempt to break this psychologically important level in the near future. 

Still, with the high momentum in the last few days, it is probable that there will be some price correction. Because the $0.7869 level was previously a barrier, it is likely to be a support level if PI declines.