The cryptocurrency market is experiencing a pullback after a positive start to the week.
Bitcoin has retraced below $70,000, while Ether is also trading around the $2,000 psychological level.
However, PI, the native coin of the Pi Network, continues to rally higher.
The coin is trading at $0.2307 at press time on Wednesday and could surge higher in the near term.
The retail demand for PI surges ahead of Pi Day on March 14.
The growing demand reflects optimism in the community amid accumulation from large investors and declining PI reserves on Centralized Exchanges (CEXs).
The technical outlook for PI remains bullish, with buying pressure expected to last for at least a few more days.
PI surges higher amid growing retail demand
PI is outperforming the broader crypto market after adding 6% to its value in the last 24 hours.
The rally comes amid consistent outflows from exchanges, while large wallet investors expand their PI holdings.
According to PiScan, 4.94 million PI tokens were withdrawn from CEXs over the last 24 hours, which aligns with the near 6% rise in the spot market.
Usually, a decline in CEXs’ reserves reduces downside pressure, leading to a recovery in the token price.
Furthermore, the largest transaction over the last 24 hours is a 5.46 million PI withdrawal by a single entity from the OKX exchange. The whale now holds 394 million PI tokens.
Currently, the PI token is showing growing demand ahead of Pi Day on Saturday, when the community celebrates March 14, corresponding to the first three digits of the mathematical constant Pi.
Bulls target the $0.28 resistance level
The PI/USDT 4-hour chart is extremely bullish and efficient, as Pi has outperformed other leading cryptocurrencies.
PI is currently approaching its weekly resistance level at $0.2396, which capped last week’s rally on Saturday and resulted in a 10% pullback on Sunday.
If the daily candle closes above the weekly resistance, PI could experience a further breakout and test the 200-day Exponential Moving Average (EMA) at $0.2842.
The short-term bias remains bullish as PI is trading above the $0.1900 support level.
Furthermore, the increase in the 50-day and 100-day EMAs reaffirms the bullish bias in the short term.
Momentum indicators suggest that the bulls remain in control, with further upward movement on the cards.
The Moving Average Convergence Divergence (MACD) line is holding above its signal line in positive territory, signalling persistent buying pressure.
At the same time, the Relative Strength Index (RSI) at 62 on the 4-hour chart remains below the overbought threshold and reflects firm bullish momentum.
However, if the daily candle fails to close above the $0.2396 resistance, PI could face selling pressure and retest the 100-day EMA at $0.1983.
If a deeper pullback unfolds, PI could test the 50-day EMA at $0.1849.
The post PI defies market trend, surges another 6%: Check forecast appeared first on Invezz
