Technical analysis of Pi Network indicates a bullish wedge breakout, which may signal a trend reversal. The chart shows price consolidation transitioning into a strong upward breakout.
Falling Wedge Pattern Analysis
Crypto analyst JAVONMARKS tweeted that $PI has experienced a bullish wedge breakout. The potential for an increase of over 72% to the $3 mark was noted. The breakout occurred as the price rose sharply above the wedge’s upper resistance line. This pattern is often seen as a trend reversal signal.
Volume and Resistance Levels
Volume surged during the breakout, confirming the strength of the upward move. This increase in trading activity is typical for wedge patterns. Before the breakout, volume diminished as buyers accumulated positions, supporting the observed price action. The lower wedge boundary acted as support between $1.20 and $1.30. Resistance levels are found between $1.80 and $2.00, with a higher zone between $2.40 and $2.50.
EMA Support and Short-Term Trend
The price maintains a short-term uptrend with higher lows along an ascending trendline. After a consolidation period, the price moved above the 50 EMA at $1.6143, indicating upward strength. This trendline acts as dynamic support during the current move. The price is currently testing the trendline for support near $1.6472, with sustained support possibly driving the price toward resistance levels near $2.00.
Chart and volume analysis identifies critical levels in $PI trading. The current price is $1.65, and support may drive further growth.
