The upcoming week is crucial for Pi Network. With a key community event, technical expectations, and renewed interest, the PI token price could surprise. Is a imminent surge to be believed ? Here's what the signals indicate.
The price of Pi Network has dropped in recent weeks. It has continued the downtrend that started on May 12, when it peaked at $1.670. It plummeted by 70% to stabilize around the psychological level of $0.500. Although sentiment remains negative, a descending wedge pattern, decreasing volatility, and the approaching Pi Day could trigger a strong bullish recovery in the days ahead.
On the eight-hour chart, the price of Pi Network has formed a descending wedge pattern. This is often a precursor to a bullish breakout. The wedge consists of two converging downtrend lines. As the two lines approach their convergence point, it is a favorable time for breakouts to the upside.
The price target of a descending wedge pattern is estimated by subtracting the wedge height from the potential breakout price. Here, the height is $0.9285 minus $0.6594, resulting in $0.269. By adding this value to the potential breakout point of $0.5328, we get a target at $0.80. This is 56% above the current level. However, a drop below the lower side of the wedge would invalidate this bullish scenario for the Pi Coin price.
Lastly, another bullish catalyst for the Pi Network price is the decrease in volatility. Over a twelve-hour horizon, the gap between the three Bollinger Bands has narrowed, indicating decreasing volatility. With the Relative Strength Index (RSI) in oversold territory, the Pi Coin price is expected to experience a bullish breakout.
The upcoming main catalyst for the Pi Network price is the commemoration of Pi Day 2 on June 28, an annual event also known as Tau Day. Historically, these events are conducive to major announcements from the Pi core team and this time coincide with the end of .pi domain auctions.
In summary, the price of Pi Network has recently dropped. However, the forming descending wedge pattern, low volatility, and the approaching Pi Day could lead to a bullish breakout in the coming weeks.
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
