The cryptocurrency market has been volatile over the past few days due to the ongoing crisis between the US-Israel and Iran.
However, PI, the native coin of the Pi Network, is defying market conditions and has been rallying over the past few days.
The coin is currently up nearly 5% in the last 24 hours, in addition to the 25% it added to its value last week.
Furthermore, the technical outlook for PI remains bullish ahead of Pi Day on March 14.
Retail demand pushes Pi above $0.21
PI is up by nearly 5% in the last 24 hours and is now trading at $0.218 per coin.
The rally comes as investors await Pi Day on March 14.
The coin has been rallying over the past few days, and retail investors are now moving to book short-term profits.
According to PiScan, 3.34 million PI tokens were deposited on supporting Centralised Exchanges (CEXs), indicating reduced confidence in the rally and often signalling a local top.
The demand spike for PI aligns with the upcoming Pi Day on March 14.
The rally is similar to what was witnessed a week before its Open Network anniversary, which was on February 20.
If the retail demand for PI holds till Pi Day, PI’s price could extend its recovery and target crucial resistance zones over the next few days.
PI’s performance is currently dictated by retail traders, with the ongoing Middle East crisis not affecting its performance.
Will PI Network recover above the 200-day EMA?
The PI/USDT 4-hour chart is bullish and efficient as PI is edging closer to the $0.2200 psychological level at press time on Monday.
The coin dipped 10% on Sunday thanks to profit-taking from mainnet users.
However, PI has now recovered and could rally higher in the near term.
The near-term tone for PI remains bullish as the price is firmly above the 100-day Exponential Moving Average (EMA) at $0.1973.
If the recovery efforts persist, PI may rally past the 200-day EMA at $0.2854.
However, it would need to overcome the recent Friday high of $0.2396 before the 200-day EMA comes into focus.
The momentum indicators suggest that the bulls may push higher in the near term, reinforcing an upside bias.
The Moving Average Convergence Divergence (MACD) rises above its signal line, indicating a bullish bias.
The Relative Strength Index (RSI) at 60 hovers, heading towards the overbought region.
The increased RSI indicates continued bullish pressure.
On the flip side, if the recovery fails, PI may retest the $0.2000 psychological level.
An extended bearish trend may see PI drop towards the 100-day EMA at $0.1973, followed by the 50-day EMA at $0.1813.
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