The native token of Pi Network is up 6% amid rumours of an upgrade on November 28. The crypto trades at a resistance of 0.28 as it faces increased market excitement and hype.
The native token of Pi Network recorded new gains on Tuesday. The crypto project experienced a 6 per cent increase in its token within 24 hours.
The rally drove PI a little above 0.25. CoinGecko trading data reveals that the asset is trading just below that mark. Weekly gains now stand at 10%.
Will November 28 Spark a Breakout?
The price increase was driven by speculation over a possible upgrade. In X, Pi Network News says that on November 28, there will be a pivotal moment for many Pioneers. The unofficial account provided enlightening information on the upgrade.
Source – X, Pi Network News
The post said, “The Pi ecosystem appears to be on the verge of a great upgrade. Be aware, be active and seize the moment.
The community is still left wondering what the upgrade is all about. The post saw some confusion among users commenting on the post. Some of them indicated plans to amass more PI tokens even in the absence of clarity.
The market capitalisation of PI resumed the position of 2 billion dollars. The token is currently positioned 61st on the list of cryptocurrencies. Recently, it has flipped Pepe in market cap rankings.
You might also like: Crypto News: Here’s Why Pi Coin Isn’t on the ISO 20022 List – Expert
Technical Signals Point to Resistance Ahead
The technical analysis shows a key point of PI. According to the data on CoinMarketCap, the token is being traded at $0.2517. The asset nears the $0.28 to $0.30 resistance zone.
The structure of the chart implies the possibility of a reversal to $0.18 to 0.20. The price action implies a short-term top unless PI surges above $0.30 conviction. The rejection candles at the existing levels may cause the downtrend.
The Relative Strength Index rose past 80. This reading is usually an indication of overbought. Such levels are usually perceived by traders as antecedents of price corrections.
Token unlocks loom as a bearish factor. According to piscan.io data, almost 180 million PI tokens are going to be released during the next 30 days and more. The most noteworthy date is December 20, which will feature 7.2 million coins unlocked at the same time.
These releases can bring substantial sell pressure. Patient investors might use the opportunity to dispose of the holdings. The unlocks are in line with already high technical indicators.
Participants in the market are now monitoring official information through official channels. The lack of verification of the accounts by Pi Network casts doubt. The current rally direction might not be maintained by speculation alone.