Pi Network [PI] extended its bullish streak, briefly reclaiming $0.1 before slightly retracing. At press time, PI was trading at around $0.098 after rising 11% on the daily charts.
This price hike was backed by a 200% jump in trading volume while the market cap reclaimed $1 billion, reflecting steady capital flow.
Protocol v25 upgrade improves PI’s stability
The crypto market has been highly anticipated for the Pi Network’s upcoming upgrade. On the 22nd of July, the network will undergo an upgrade to Protocol v25. The upgrade seeks to improve the network’s reliability and stability and to add capabilities for more efficient, privacy-preserving smart contracts.
Protocol v25 will bring BN254 cryptography and Poseidon hashing, enabling developers to build modern zero-knowledge applications. Additionally, the network updated its app profile page in the mining app, thus restoring pioneers’ confidence in the ecosystem.
Demand for the altcoin holds steady
The anticipation of the upgrade has sparked market-wide optimism, with investors rushing to reposition.
In fact, the speculative demand rebounded significantly. According to Coinank, PI’s Long/Short Ratio has remained above 1 for two consecutive days.
At press time, the metric was 1.04, with 50.9% accounting for long positions. When traders mostly open longs, it suggests they were bullish and anticipated further gains.
Moreover, investors on the spot side have been aggressively accumulating PI. Notably, the market Delta has remained positive for nine consecutive days.
A positive delta suggests that market demand is currently strong, with buyers actively pushing prices higher. This is often a strong bullish confirmation.
Typically, when both speculators and spot buyers are active, it strengthens the market, setting the stage for further gains on price charts.
Can the momentum hold?
PI has experienced strong upside momentum, closing at higher highs for four consecutive days. As a result, the altcoin flipped both the 21 and 9-day Moving Averages, signaling strong upside momentum.
At the same time, the altcoin’s MACD formed a bullish crossover, rising to -0.009, further confirming the strengthening trend. However, the MACD remained negative, indicating that buyers have not yet fully retaken and dominated the market.
For now, if the upcoming upgrade incentivizes more market players to retake, the altcoin will make further gains. In doing so, PI will hold above $0.10 and target the $0.12 resistance.
Final Summary
- Pi Network extended its bullish streak, rising by 11% to $0.1 before slightly retracing to $0.098 at press time.
- PI has experienced renewed demand as traders reposition ahead of the upcoming protocol v25 upgrade.
