Since the PI price is currently at a critical resistance, the main question is: Can PI finally end its lengthy downward trend?
Pi Network Price Analysis
The Pi Network price has fallen significantly since its launch, reaching an all-time low of $0.153 on October 10, a 95% drop from its all-time high.
Pi Network’s decline has been contained within a descending resistance trend line, which has existed for 243 days.
Today, the Pi Network price surged, providing bulls with one of the most encouraging signals since the downward trend began.
Get These Top Crypto Casino Offers Now!
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
PI rallied by more than 30% and is attempting to break out from the diagonal resistance, though it has yet to close above it.
If that happens, it will confirm that the downward trend has ended and could cause the price to hit the next resistance at $0.50.
Momentum indicators give hope to the bulls. The Relative Strength Index (RSI) surged above 50, while the Moving Average Convergence/Divergence (MACD) made a bullish cross (black circle).
However, caution is warranted since the RSI has increased above 50 before only to fall back, confirming that its previous movement was a fakeout.
Until the Pi Coin price breaks out and the RSI remains above 50, it will remain unclear whether the trend is bullish or bearish and whether the breakout is valid.
Why is Pi Coin Going Up?
While the weekly chart is positive, the short-term one raises doubts about whether the upward movement will continue.
This is because the wave count shows a completed A-B-C correction (red), where wave B developed into a symmetrical triangle.
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.
