Pi Coin is experiencing a significant downturn, trading at around $0.90, reflecting a 23.34% decline from the previous close and a 43% drop over the past week. However, the market structure suggests a possible shift in trend.
Falling Wedge Pattern Signals Potential Reversal
Despite ongoing bearish pressure, the current decline is forming a falling wedge pattern, a classic bullish reversal signal. This indicates that selling pressure is gradually weakening, and buyers may step in to regain control.
Key Support and Resistance Levels to Watch
For traders and investors, monitoring crucial price levels is essential:
* Immediate Support: $0.88 – If this level holds, Pi may consolidate before an upward move. * First Resistance: $1.00 – A breakout above this could trigger a rally. * Major Resistance: $1.19 – Breaking this level would confirm a bullish reversal.
Market Volatility Warrants Caution
Pi Coin's high volatility signals uncertainty, making risk management crucial. Traders should closely observe price action before making any decisions. If buyers regain strength, Pi could see a short-term rebound, but failure to hold support may lead to further declines.
As Pi Coin continues to trade within a volatile range, keeping track of market developments and technical signals is essential. Traders should remain cautious and watch for potential breakout confirmations before taking new positions.
