3 Events That Could Move Pi Network Price This Week as Volumes Spike
Highlights
- Pi Network price has registered an over 20% gain in trading volumes in the last 24 hours.
- The network upgrade happening on May 15 might move the price higher.
- The Senate's vote on Kevin Warsh and the CPI release tomorrow could spike volatility.
Pi Network price saw some gains over the weekend, and it went from $0.169 to $0.173. The volumes are going up with a 23% rise in 24 hours to $15 million. This reading shows that many people might be buying and possibly frontrunning three events happening this week, which are the release of CPI, the vote for Kevin Warsh, and a network upgrade.
Events That Will Move Pi Network Price
The Pi Network upgrade happening on May 15 might shake the price later this week. It will be the last of the upgrades that have been going on since April and once it is done, the network is going to have smart contracts.
A Pi Network with smart contracts is net positive for the price because people have a better reason for why they can buy.
There is US CPI coming out tomorrow, May 12, and this will also move the price higher or lower depending on what the number is going to be. Inflation in March increased to 3.3% annually, and in April, nothing much might change because the US-Iran war is not over.
The March CPI came out on April 10, and three days later, Pi Network price had dropped by 3.78%. History rhymes, and if this CPI is also high, expect PI to go down.
Jerome Powell will leave on May 15 and Kevin Warsh is taking over. This week is when the Senate will likely vote for him, and this change might push the price of PI to $0.20.
Warsh is not pro-crypto by words only, because he has invested in Solana, Polymarket, and Compound. Having him at the helm of the Fed is definitely a plus for Pi Network.
Pi Coin Eyes $0.22 This Week
The Fib levels suggest Pi Network could reach $0.22 after breaking the $0.187 resistance. The target of this Fib is $0.22.
The $0.22 resistance must be breached for Pi Network price to reach $0.22. But this is not a long-term Pi Network price forecast because it might get here this week.
The stoch RSI reading of 7 confirms bears have a good grip. The reading has dropped to oversold, and now, there is room for those who would like to buy.
The stoch RSI is also moving above the signal one, and this is often picked up as the price going up. Per these lines, a breakout will likely happen in favor of bulls if there is a lot of buying here.
Pi Network will likely get to $0.22 on May 15 as people buy. They expect that the upgrade and Warsh are going to give bulls an upper hand. That means the 23% rise in volumes today is just the beginning of where PI is headed.
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Frequently Asked Questions (FAQs)
1. Why is Pi Network price up today?
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