The Pi Network token (PI) has experienced a 13-day decline after a brief rally above $1.79 on March 13. Facing resistance at the $1 mark, the token lost over 3% of its value in the last 24 hours due to factors like token unlocks, activity on centralized exchanges, and ignored listing requests by major exchanges.
Current Price Trends
Over the past week, PI has dropped over 20% in value, falling from 17th to 27th in market rankings, according to Coingecko data. Currently, its market cap stands at $6.2 billion, reflecting a loss of over $1.4 billion in the same period.
PI/USDT Chart Analysis
Analysis of the PI/USDT chart on TradingView highlights a falling wedge pattern on the 4-hour timeframe. This pattern, often considered bullish, forms when an asset's price consolidates between two downward-sloping, converging trendlines. Despite consistent lower lows, decreasing volatility indicates a potential rebound.
Breakout Potential
The falling wedge pattern suggests growing buyer interest as selling pressure diminishes, potentially leading to a breakout above the upper trendline. The price squeeze near the resistance level supports this possibility. However, despite PiDaoSwap's addition to the Pi ecosystem, buyers have not shown enough confidence to push the price significantly higher. At the time of writing, PI is trading around $0.91.
The current dynamics of the Pi Network token indicate a breakout possibility, given the convergence towards a key resistance level and decreasing volatility. Nonetheless, analysts recommend using additional indicators to confirm price direction.
