Here's Why PI Has Increased by 35% | Credit: Hameem Sarwar
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Key Takeaways
Pi Network (PI) follows a long-term resistance trend line.
The PI price bounced after falling to a new low on June 13.
Has PI started a bullish trend reversal, or will this rally fail?
The Pi Network price has fallen since its much-anticipated mainnet debut in February.
After an 86% decline, PI fell to a new all-time low of $0.40 before bouncing.
Today, the PI price broke out from a descending wedge, creating optimism that the correction is finally over.
PI Price Analysis
The daily time frame analysis shows that PI has fallen under a descending resistance trend line since its all-time high of $3 in February.
PI fell to a new all-time low of $0.40 on June 13 before bouncing, creating a long lower wick (green icon).
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Technical indicators are turning bullish. The Relative Strength Index (RSI) is moving above 50, while the Moving Average Convergence/Divergence (MACD) has made a bullish cross (black circle).
So, the daily time frame gives a bullish PI prediction, suggesting the price will reach the resistance trend line and possibly break out.
Can PI Cross $1?
The wave count aligns with the price action, giving a bullish PI prediction.
The count shows that PI has completed a five-wave downward movement (red) since May, where wave five was an ending diagonal.
Today, the PI price broke out from the wedge, confirming it has started an upward movement.
The bullish divergence (orange) in the RSI also corroborates this possibility.
While it is unclear if this will be a new five-wave upward movement or an A-B-C correction, the PI price will likely reach the $1.07-$1.21 resistance area either way.
Afterward, the reaction, once it gets there, can help determine the direction of the future trend.
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.
