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#piToken PI has increased by more than 10% against the backdrop of the hype surrounding Pi2Day
The Pi Network token (PI) has once again attracted the attention of cryptocurrency market participants, rising by more than 10% and becoming a leader in growth alongside the tokens Stacks (STX) and Maple Finance (SYRUP) in the run-up to Pi2Day. This is an annual symbolic event in the Pi Network community, celebrated on June 28. In the last 24 hours, the trading volume of PI soared by 14.88% to $131. The market capitalization of the digital asset exceeded $4.44 billion, thanks to which Pi Network took 27th place in the ranking of the largest cryptocurrencies.
The analysis of the PI/USDT pair chart suggests that a breakout of the large descending triangle may occur if the price approaches the triangle's resistance trend line. This indicates the development of a bullish scenario and potential growth to $1.50. While the balance volume remains negative, it is leveling out, indicating that selling pressure is gradually weakening. Meanwhile, the balance of power has turned positive at a level of 0.75, indicating bullish control over the market. However, some analysts remain skeptically inclined regarding Pi Network. One of them, known by the nickname Dr. Altcoin, predicted a drop of the asset to $0.40 by August.