The PI price broke out from the $50 horizontal resistance area.
PI nearly reached a new yearly high before falling slightly.
Can the upward PI movement take the price to $100 resistance?
Even though Pi Network launched in 2019, its token has not yet reached the open market. Despite this, Huobi and Bitmart have already listed IOUs representing the PI price. These IOUs are not official, and the Pi Network project does not support them.
The PI price has increased since October and recently broke out from the $50 horizontal resistance area. Since this is a long-term resistance level, the breakout could start a long-term bullish trend toward new highs.
The weekly time frame chart shows that PI has increased alongside an ascending support trend line since April 2023. During this time, the PI price failed to break out above the $50 horizontal resistance area.
Additionally, PI broke down from the ascending support trend line for an instant in September (black circle). However, it immediately bounced, reclaiming the trend line shortly afterward. This led to an upward movement that caused a breakout from the $50 resistance area in October.
After validating it as support (white icon), PI continued its increase and is moving toward a new yearly high.
Technical indicators are bullish. The relative strength index (RSI) increases above 50, while the moving average convergence/divergence (MACD) increases positively and upward.
The next long-term resistance area is near 4100, created by the wick highs of the last two years.
Short-Term Ascent
The daily time frame chart shows that the PI price broke out from a short-term descending resistance trend line and then moved above the horizontal resistance at $62. This aligns with the positive readings from the weekly time frame and supports the continuation of the increase.
Technical indicators are also bullish. The RSI increased above 70, while the MACD made a bullish cross (white icon). Neither has generated any bearish divergences.
So, the daily time frame aligns with the weekly one and gives a bullish PI price prediction, supporting the continuing upward movement toward $100.
PI to $100
The PI price has finally broken out from a long-term horizontal resistance level, signaling that it has started an upward movement toward the next resistance at $100. PI may reach a new yearly high.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
