Decisive Breakout of a Bearish Pattern
After experiencing a downtrend for several weeks, the price of PI Network has finally managed to break out of a descending wedge pattern. Within three days, the price soared from a low of $0.47 to a weekly high of $0.62. This marks a massive 16% increase. This bullish breakout above the upper resistance of the descending wedge pattern is a clear sign that buyers have regained control of the market.
The height of the descending wedge pattern, which is the difference between the May 17th low of $0.66 and the May 21st high of $0.86, suggests that PI could surge by about 30% in the short term. This would place the target price around $0.78, a key level to watch in the coming weeks.
Furthermore, a rounding bottom pattern has also formed on the 4-hour chart. This confirms the bullish momentum. Again, the height of this pattern indicates a potential 28% rise for PI.
What’s Next for the Pi Network ?
The positive technical signals surrounding PI confirm that the trend reversal is indeed underway. After sellers were exhausted following the recent decline, buyers have taken charge. They are now pushing prices higher.
The next logical step for PI would be to surpass the symbolic $1 mark. If buyers maintain their momentum and traders looking for quick profits stay on the sidelines, such a progression is entirely feasible in the coming weeks.
