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- Pi Coin has surged 7%, reaching a price of $0.6249, with its market cap surpassing $4 billion.
- Analysts predict Pi Coin could hit $1.70 by mid-May, fueled by excitement around the Consensus 2025 Summit.
- The token is facing resistance around the $0.75–$0.78 zone, with key support near $0.55.
The global cryptocurrency market is experiencing a slight pullback, with the total market capitalization currently standing at $3.07 trillion, a 1% decline in the past 24 hours. Bitcoin (BTC) remains resilient, hovering near the $94,880 mark, even as altcoins like Litecoin (LTC), Ripple (XRP), Avalanche (AVAX), and Chainlink (LINK) post moderate losses. Amidst this backdrop, Pi Coin is beginning to draw cautious attention from traders and analysts alike.
After reaching an early-year high close to $3 in February, Pi Coin has faced consistent downward pressure, with its price slipping into a bearish channel. The token has registered a steep 12% drop over the last month alone. However, there are emerging signs of a potential turnaround.
Currently trading at $0.6119, Pi is up 5.13% in the last 24 hours, pushing its market capitalization past $4 billion. Though the price remains far from its previous highs, the uptick signals a shift in momentum that some interpret as the start of a recovery phase.
Pi Coin Price Stalls Despite Market Recovery
Despite a slight marketwide improvement in sentiment, Pi Coin’s upside potential remains capped. A major factor limiting growth is the lack of key catalysts, most notably, the absence of a significant mainnet upgrade or listing on major cryptocurrency exchanges. These factors continue to act as a drag on broader investor confidence and trading volume.
From a technical analysis standpoint, Pi’s Relative Strength Index (RSI) has been steadily recovering from April lows. This indicates increased buying pressure, albeit modest and measured. According to market analysts, this kind of gradual accumulation typically signals investor interest building up ahead of a possible breakout.
Adding to short-term volatility, 7.8 million Pi tokens are set to be unlocked today, a move that could either provide liquidity for further gains or trigger selling pressure, depending on market reaction.
Pi Coin Targets $1.70 with Consensus Summit Boost
Despite the prevailing uncertainty, some analysts remain bullish on Pi Coin’s near-term prospects. Dr. Altcoin, a well-followed voice in the altcoin community, has predicted that Pi could surge to $1.70 by mid-May, attributing this potential jump to an anticipated boost from the Consensus 2025 Summit, scheduled for May 14–16.
A major spotlight of the event will be a keynote address from Dr. Nicholas Kokkalis, the founder of Pi Network. Industry insiders believe this appearance could reignite community excitement and potentially spark institutional interest in the project.
Technical analyst Andrew Griffiths notes that Pi Coin is currently consolidating near the $0.60 mark, a key battleground between bulls and bears. If the price breaks above the $0.75–$0.78 resistance zone, a move toward $1 could be within reach. However, a drop below $0.55 could invalidate bullish momentum and drive the token toward a deeper correction, with support near $0.288.
Pi Coin sits at a crucial crossroads as the crypto market searches for direction and Bitcoin holds steady. While there’s some hope for a rebound, much hinges on factors like token unlocks, technical signals, and events such as the upcoming Consensus Summit. For now, it’s a high-risk, high-reward asset on the verge of a breakout or breakdown, one to watch closely in May.
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