The cryptocurrency market is experiencing mixed performance ahead of the Federal Reserve's crucial meeting, where interest rate changes will be decided. Amid this situation, Pi Network (PI) is continuing its downward trend, having dropped over 14% in the past 24 hours.
Pi Network Continues Its Descent
Pi Network (PI) is experiencing a significant decline from its 24-hour high of $1.39 to a low of $1.08 before slightly recovering to $1.17. Despite this correction, the current price action suggests a potential trend reversal and a possible strong bullish breakout.
Wedge Formation: Opportunities and Risks
On the 4-hour chart, PI appears to be forming a falling wedge pattern, indicating a potential reversal. After reaching its peak at $3.00 on February 26, the token has been in a downtrend, losing over 60% of its value. Today, PI tested the lower support at $1.08, a critical level that has previously served as strong support.
Concluding Thoughts
PI is at a critical decision point, with the wedge formation providing a clear setup for either an upward or downward movement. A successful rebound from current levels could initiate a strong bullish trend, while a breakdown below support could lead to further losses.
Pi Network is at a pivotal moment, influenced by the Fed's decision and subsequent market movements. Investors should watch for price action and technical indicators to gauge future trends.
