Pi Network (PI) continued its bullish streak, briefly retracing $0.1 before pulling back slightly. At press time, PI was trading around $0.098, following an 11% rise on the daily charts.
This price increase was supported by a 200% increase in trading volume, while market capitalization regained $1 billion; This reflects stable capital flows.
Protocol v25 upgrade improves stability of PI
The crypto market is eagerly awaiting the upcoming event of Pi Network update. On July 22, the network will be upgraded to Protocol v25. The upgrade aims to improve the reliability and stability of the network and add capabilities for more efficient, privacy-preserving smart contracts.
Protocol v25 will introduce BN254 encryption and Poseidon hashing, allowing developers to build modern zero-knowledge applications. Additionally, the network also updated the application profile page in the mining application, regaining pioneers’ trust in the ecosystem.
Demand for altcoin remains stable
Bullish expectations have sparked market-wide optimism as investors rush to reposition.
In fact, speculative demand has recovered significantly. According to Coinank, PI’s Long/Short Ratio remained above 1 for two days in a row.
At the time of writing, the metric was 1.04 and 50.9% consisted of long positions. The fact that investors mostly open long positions indicates that they are bullish and expect more gains.
Moreover, investors on the spot side are aggressively accumulating PI. Notably, the market Delta has remained positive for nine consecutive days.
A positive delta indicates that market demand is currently strong, with buyers actively pushing up prices. This is generally a strong bullish confirmation.
Typically, when both speculators and spot buyers are active, it strengthens the market and sets the stage for further gains on the price charts.
Can the momentum continue?
PI experienced strong upward momentum and closed higher for four consecutive days. As a result, the altcoin reversed both the 21- and 9-day Moving Averages, signaling strong upward momentum.
At the same time, the altcoin’s MACD formed an uptrend, rising to -0.009, further confirming the strengthening trend. However, the fact that the MACD remains negative shows that buyers have not yet fully dominated the market.
For now, the altcoin will stand to gain further if the upcoming upgrade encourages more market players to buy again. In doing so, the PI will remain above $0.10 and target the $0.12 resistance.
Final Summary
- Pi Network extended its bullish streak by 11% to $0.1 and fell slightly to $0.098 at press time.
- PI faced renewed demand as investors repositioned ahead of the upcoming protocol v25 upgrade.
