The price of Pi Network (PI) has recently shown a significant turnaround following a sharp decline, registering a 160% growth. This article examines the price forecasts.
Overview of Pi Network Price Recovery
The price of Pi Network (PI) underwent a challenging period earlier this year, dropping 85% to an all-time low of $0.40 on April 5. However, the past month has marked a recovery, partly fueled by rumors of a potential Binance listing. On May 8, PI formed a higher low and broke above the $0.75 resistance level, leading to a 130% increase that brought the price to $1.30, close to the $1.40 level.
Short-Term Consolidation Likely
Despite the bullish indicators, a temporary pullback cannot be overlooked. The six-hour chart shows that PI recently broke out of a symmetrical triangle pattern and successfully retested it as support. This breakout may lead to a brief consolidation before further gains. While overbought conditions persist, both RSI and MACD remain strong.
Wave Count Suggests $2 Target
From an Elliott Wave perspective, PI appears to be in an extended third wave. Sub-wave analysis supports this view, suggesting the next logical target is the $2 price level. Even if a minor correction occurs soon, the overall technical structure implies new highs are within reach.
After a brutal drop to an all-time low in April, Pi Network has staged an impressive recovery. While a short-term retraction may occur, the overall trend remains bullish, and $2 is firmly in sight.
