Pi Network (PI) Breaks Out of Downtrend — Price Must Flip $0.60 for More Upside

PI Network’s anticipated mainnet launch did not deliver since the PI price fell sharply after launch.

The downward movement culminated with a low of $0.40 before PI finally regained its footing.

Since the bounce is ongoing, the main question is if PI can sustain it and move to new highs.

Let’s examine the charts and see what lies ahead.

PI Price Breaks Out

The PI price fell 85% after reaching an all-time high of $3 on Feb. 26, culminating in a low of $0.40.

A descending wedge contained most of the decline. The wedge is a bullish pattern. 

On April 5, the PI price bounced and broke out from the wedge. The breakout could have been caused by Binance listing rumors for Pi Network.

Despite the breakout, PI trades below the $0.65 horizontal resistance area. The price needs to move above it to reach the next resistance at $1.30.

Technical indicators support the upward movement. The Moving Average Convergence/Divergence (MACD) generated a bullish divergence before the breakout.

The Relative Strength Index (RSI) trends upward and has nearly crossed 50.

Therefore, the six-hour time frame suggests the PI price will break above $0.65 and move to $1.30.

What’s Next for PI?

Despite the breakout from the wedge, the wave count suggests the PI trend is bearish.

The original increase after the listing was an A-B-C structure (green), while the ongoing decrease is a five-wave downward movement (red).

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The shape of the decrease means the long-term trend is bearish, and new lows are likely.

If the count is accurate, Pi Network’s price is currently in wave four of this five-wave decline.

The sub-wave count is black, showing the price has another short-term rally before decreasing.

Therefore, the PI price could reach a high near the $1.30 area or slightly below it before resuming its downward trend to new lows.

Corrective Rally

The PI price showed strength by breaking out from a descending wedge pattern.

However, the long-term trend is still bearish.

Once it completes its short-term bounce, the PI price will likely fall to new lows.

About the Author

Valdrin Tahiri

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.

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