The cryptocurrency market is attempting a recovery from a sharp sell-off as U.S. inflation decreases to 2.8%.
Story (IP)
Story (IP) has regained bullish momentum after breaking out from a symmetrical triangle pattern that had been restricting price movement for weeks. The token surged past the upper descending trendline of the triangle at the $5.21 range, aligning with the 50-day moving average. Following the breakout, IP surpassed the $5.93 resistance level, now becoming support, and is trading around $6.16. The next key resistance level sits at $6.96. A decisive break above this zone could trigger a rally towards the main target of $7.99.
Pi Network (PI)
Pi Network (PI) has been following IP's trajectory, consolidating within a symmetrical triangle pattern. The token recently found support at the lower ascending trendline near $1.36 and then rebounded to $1.70. If bullish momentum continues, PI could soon test the upper descending trendline of the triangle around $1.92. A successful breakout from this level would open the door for a rally toward key resistance levels at $2.00, $2.35, and ultimately $2.99.
Final Thoughts
IP's breakout has ignited bullish sentiment, while PI is nearing a potential breakout of its own. However, investors should act cautiously, monitoring volume confirmation and broader market trends before making trading decisions.
IP's breakout has ignited bullish sentiment, while PI is nearing a potential breakout of its own. However, investors should act cautiously, monitoring volume confirmation and broader market trends before making trading decisions.
