Pi Network, Aerodrome Finance, and Trump Plan Breakout Rallies
The cryptocurrency market has witnessed significant movements with Pi Network (PI), Aerodrome Finance (AERO), and the Official Trump token (TRUMP) showing notable recovery trends. Over the past 24 hours, these tokens have outperformed broader market metrics, indicating potential breakout rallies.
Pi Network Sees Sustained Gains
Pi Network rose by 5% on Wednesday, marking its seventh consecutive day of positive performance. This momentum is primarily driven by the recent mainnet migration and speculation regarding its potential ISO20022 certification, which positions it competitively against Ripple and similar tokens.
To confirm its uptrend, Pi Network must close above its 50-day Exponential Moving Average (EMA) at $0.2619. This level has previously acted as a resistance point. Should this threshold be surpassed, the cryptocurrency could target a breakout rally up to $0.3220, influenced by data from August 1. Additional resistance levels include the 100-day EMA at $0.3384 and a significant psychological point at $0.4000.
Current momentum indicators are positive, with the Relative Strength Index (RSI) at 65, signaling increasing buying interest. Additionally, the Supertrend indicator has issued a buy signal, reinforcing the upward trend. Conversely, support levels are established at $0.2500 and the October 11 low of $0.1919.
Aerodrome Finance on the Rise
Aerodrome Finance, a decentralized exchange operating on Coinbase’s Ethereum Layer 2 Base, achieved a 1% increase on Wednesday, following an 8% rise the previous day. The recent backing by Animoca Brands is a significant boost, although the acquisition details remain undisclosed.
Aerodrome is currently targeting the crucial psychological level of $1, coinciding with an overhead resistance trendline that completes its falling channel pattern. A close above this level could confirm an upward break, with potential further gains towards the R1 Pivot Point at $1.2687.
The MACD and signal lines are nearing the zero line, indicating strong bullish momentum. The RSI at 54 further suggests there is room for growth before entering the overbought zone. Should Aerodrome experience a downturn, support levels are identified at $0.8587 and $0.7043 based on S1 and S2 Pivot Points.
Official Trump Token Prepares for Breakout
The Official Trump token has recorded an almost 3% increase, marking its seventh positive daily close. It is edging closer to breaking a significant local resistance trendline, which reflects the peaks observed on May 22 and September 13.
Should the TRUMP token manage to surpass the trendline level of $7.70, it could initiate a breakout rally targeting the R1 Pivot Point at $8.973. The MACD indicates rising momentum, with prior upward movements in average lines and escalating green histogram bars, further complemented by an RSI of 61 that points to ongoing buying pressure.
If the TRUMP token declines from this point, potential support can be found at the S1 Pivot Point around $6.323.
Conclusion
The developments surrounding Pi Network, Aerodrome Finance, and the Official Trump token demonstrate a bullish trend within the cryptocurrency market. As these tokens strive for breakout rallies, investors may want to stay informed about technical indicators and market movements.
