The cryptocurrency market is showing signs of recovery, with a weekly increase of 4.89% for Ethereum (ETH) and a 0.26% decrease in Bitcoin dominance. Amidst this, newly listed altcoins, Pi Network (PI) and Story (IP), are gaining significance, approaching crucial resistance levels. Technical analysis underway.
After reaching a peak of $3 on February 26, PI experienced a drop of over 70%. However, on March 21, the token touched the support at $0.85, where buyers stepped in to defend this level. Currently at $1.08, PI is approaching the upper resistance of a descending triangle pattern.
If the price manages to break above this resistance successfully, it could signal the start of a recovery movement, targeting the next levels at $1.24 and the 10-day moving average. A decisive breakthrough above this level could propel PI towards its next resistance at $1.79, representing a potential upside of 73% from the current price.
Story (IP) has been evolving in a symmetrical triangle pattern, clearly visible on the daily chart. By the end of February, IP faced rejection at the $7.95 resistance level, which marked the upper limit of the triangle. This rejection led to multiple declines towards the lower support. Currently at $5.75, IP is once again testing the upper triangle resistance.
A successful breakout above this level, confirmed by a retest, could push the price towards the next resistance levels at $6.66 and $7.40, offering a potential upside of 27% from the current price.
PI and IP are at crucial technical levels, with their price dynamics aligning with classic resistance breakout patterns. If market sentiment remains positive and Bitcoin continues its upward trend, these two altcoins could experience substantial increases in the weeks ahead.
However, traders should remain cautious, await confirmation of resistance breakouts, and monitor technical indicators before making investment decisions. Rejection at these resistance levels could lead to further declines.
You can purchase IP (Story Protocol) and PI (Pi Network) on Weex. Here is a clear guide to buying IP and PI on this platform:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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.
