Pi Network (PI) recently captured attention following an 11% price increase, which was catalyzed by the withdrawal of over 86 million tokens from the OKX exchange. This significant move reduced the platform's PI reserves to only 21 million tokens, leading to speculation about a possible coordinated effort to tighten the circulating supply. Such actions are often interpreted as a strategic move by major holders to manipulate supply dynamics, with the potential effect of driving prices upward.

The sudden movement in tokens has invigorated bullish sentiment within the community. Technical indicators are beginning to align with the price action, providing further evidence of this bullish trend. For instance, momentum indicators such as the Directional Movement Index (DMI) and Exponential Moving Average (EMA) suggest increasing strength. Additionally, the potential formation of a golden cross—a situation where a shorter-term moving average crosses above a longer-term one—is seen as a potential signal for continued upward momentum.

Despite these positive signals, not all indicators point definitively towards an upward trend. Volume-based metrics, like the Chaikin Money Flow (CMF), reveal lingering uncertainty. The CMF, which measures buying and selling pressures, has shifted from -0.17 two days ago to -0.03 currently, showing a reduction in selling pressure but not yet reaching a definitive buying phase. This neutrality implies that while selling pressure has eased, buyers have not yet fully taken control, suggesting a possible pause following the recent rally.

From a technical standpoint, the alignment of EMA lines is forming a bullish configuration, with the possibility of a golden cross emerging. A golden cross typically signifies a potential prolonged uptrend. If this pattern confirms, PI's price might gather enough momentum to challenge the resistance at $0.96. A breakthrough beyond this level could pave the way for further increases towards $1.30, and with strong follow-through, the price might even reach $1.67—price points that have not been observed in recent trading activities.

Conversely, the bullish scenario is not assured. Should the current uptrend lose traction and buying pressure weaken, Pi Network might retrace to test support at $0.66. Breaking below this level could shift sentiment more negatively, exposing the token to further declines towards $0.57.

While technical indicators currently lean optimistic, traders will be monitoring closely whether the golden cross materializes and if resistance levels can be convincingly overcome. These developments will play a crucial role in determining the future trajectory of Pi Network. As always, the market remains volatile, and participants should remain vigilant and informed before engaging in any transactions.

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