After weeks of turbulence, Pi Network appears to be regaining stability. Is this calm before a bullish explosion of PI? Explore trends and technical signals that could drive its price to new heights.
While the launch of the Pi Network ‘s mainnet was successful, the token has seen a dramatic drop in value since its peak. Plummeting from a high of nearly $3 to around $0.7925, investors have suffered significant losses.
Source: TradingView
This Pi’s price drop can be mainly attributed to three factors:
Despite the ongoing downward trend, some technical indicators suggest a possible turnaround in the short term.
The ADX (Average Directional Index), which measures trend strength, has dropped from nearly 60 to only 15. This significant decrease indicates that the downtrend is losing momentum and could potentially reverse.
The BBTrend indicator, which tracks the widening and narrowing of the Bollinger Bands, now shows a bullish divergence. This could signal a shift in market sentiment towards a bullish price movement.
The Pi Network’s price is forming a bearish wedge pattern on its chart, typically seen as a bullish reversal signal in technical analysis.
Given these favourable technical setups, analysts predict a potential bullish breakout in Pi Network’s price by April. If this scenario confirms, the next key resistance would be around $1.7980, offering significant upside potential from current levels.
Source: The News Crypto
Despite Pi Network facing significant setbacks due to lack of exchange support, token dilution concerns, and overall market weakness, technical analysis now suggests a potential recovery. Investors will closely monitor resistance levels and announcements regarding potential listings, which will determine if Pi Network can reclaim its previous highs in the coming months.
You can purchase the PI token now on Weex. Here is a simple guide in a few steps:
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.
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