PI reached a new all-time high on Feb. 27 before pulling back, trading slightly below its launch price. What’s next for PI? Let’s look at the charts and find out.
The PI price had fallen under a descending resistance trend line since its all-time high of $3 in February, culminating with a low of $1.51 on March 2.
Afterward, PI bounced, breaking out from the trend line the next day. However, the price was rejected by the $1.95 horizontal resistance area, which has existed since launch.
PI fell afterward and trades close to its pre-breakout level. Whether it reclaims $1.95 will be critical for the future PI trend.
Technical indicators lean bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing. Furthermore, the RSI just crossed above 50 while the MACD crossed above 0.
So, the price action and technical indicators lean bullish, though they do not confirm the future trend’s direction.
What’s Next for PI?
Similarly to the PI price action, the wave count leans bullish. According to the count, PI completed a five-wave increase, characterized by its symmetrical triangle in wave four.
After the all-time high, there is a distinct A-B-C corrective structure which ends with the low of $1.51 on March 2. Waves A and C had nearly the same length, ending at the 0.618 Fibonacci retracement support level (green icon), supporting the likelihood that this is the correct count.
A decisive close above the $1.95 horizontal resistance area will confirm this possibility, triggering an increase to at least $2.40. The reaction once it gets there can confirm if the increase is just a relief rally or the beginning of an upward movement toward new highs.
On the other hand, failure to reclaim $1.95 could drop the PI price to the 0.786 Fibonacci retracement support level at $1.11, deepening the correction.
Whichever may be the case, it seems that PI trend is bullish. The price started a five-wave upward movement in February and is now correcting as a result of it.
Bullish PI Trend
The PI price regained its footing after its initial decline, surging to a new all-time high on Feb. 27. While the PI price has fallen since, it recently broke out from a resistance trend line, a sign the correction could be over. Reclaiming the $1.95 resistance can catalyze an increase toward at least $2.40.
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.
