Pi Network (PI) has ended a seven-week consolidation with a massive 16% rally today, June 25, to trade at $0.62. The breakout has pushed Pi Network price out of a falling wedge pattern, a sign that a bullish trend reversal is underway. As Pi Coin outperforms the rest of the market and bullish signs align, can it reclaim $1?
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Pi Network Price Breaks Falling Wedge Resistance
Pi Coin price has been on a massive bull run in the last three days. During this time, the price has moved from a multi-week low of $0.47 to hit a weekly high of $0.62, per CoinMarketCap data. This rally has led to a decisive close above the upper boundary resistance of a falling wedge pattern.
A falling wedge pattern usually indicates that the downtrend is growing weak and bulls are attempting to take control of the price action. However, the bullishness of this pattern is only confirmed when the price moves above the upper boundary.
Currently, Pi Network price has formed a strong 4-hour candlestick above this upper boundary resistance, indicating that the breakout is strong. This means that bulls now have control over the coin’s future price movements. This setup mirrors a previous article by CoinGape, noting that Pi Coin price may rally if there is de-escalation in the Iran-Israel conflict.
The target price from this bullish breakout is a 30% rally that mirrors the height of this pattern from the May 17 swing low of $0.66 to the May 21 swing high of $0.86. If Pi Network were to surge by 30% from its current price, it could very easily reach $0.78.
Pi Network Price Forms Falling Wedge (Source: TradingView)However, this bullish Pi Network price forecast is dependent on bulls supporting the price above the falling wedge upper boundary. If this resistance falters, it is possible that this rally fails to continue.
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Rounding Bottom Matures, Confirms Pi Coin’s 30% Surge
Besides the bullish falling wedge pattern, a rounding top has also matured on the four-hour timeframe, which also confirms that a bullish reversal is imminent. Similar to the falling wedge, Pi Network has made a decisive close above the neckline resistance level.
From this breakout point, this rounding bottom could kickstart a 28% rally for Pi Coin price, which is also similar to the falling wedge target. This suggests that Pi Network could soon hit $0.78.
PI/USDT: 4-Hour Chart (Source: Tradingview)The RSI is showing a positive momentum with the reading of 81, confirming that bulls are fully in control. However, this also calls for caution as it signals that PI is about to become overbought, leading to a short-term downward correction.
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What’s Next for PI?
The bullish technical structures that are building around Pi Network price confirm that a bullish reversal is currently underway. After sellers were exhausted following the recent drop to multi-week lows, buyers have stepped in and are driving the price upwards above key resistance levels.
The next path for Pi Coin is likely a move past $1. If buyers can sustain the momentum and profit-taking traders steer clear of the market, it is possible for such a rally to occur.
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Frequently Asked Questions (FAQs)
Why is Pi Network price up today?
Pi Network price is up today because of a recovery across the broader crypto market. A spike in buy-side activity is also driving gains.
Can Pi Coin sustain its gains?
Pi Coin can sustain its gains if it continues to form a decisive close above the upper resistance of a falling wedge and rounding bottom pattern.
What’s next for Pi Coin after consolidation breakout?
After breaking out of the seven-week consolidation, Pi Network price could soar by nearly 30% in the near term.
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Pi Network Ends 7-Week Consolidation With a Bang, Here's What Next For Pi Coin
Pi Network (PI) has ended a seven-week consolidation with a massive 16% rally today, June 25, to trade at $0.62. The breakout has pushed Pi Network price out of a falling wedge pattern, a sign that a bullish trend reversal is underway. As Pi Coin outperforms the rest of the market and bullish signs align, can it reclaim $1?
Advertisement Advertisement
Pi Network Price Breaks Falling Wedge Resistance
Pi Coin price has been on a massive bull run in the last three days. During this time, the price has moved from a multi-week low of $0.47 to hit a weekly high of $0.62, per CoinMarketCap data. This rally has led to a decisive close above the upper boundary resistance of a falling wedge pattern.
A falling wedge pattern usually indicates that the downtrend is growing weak and bulls are attempting to take control of the price action. However, the bullishness of this pattern is only confirmed when the price moves above the upper boundary.
Currently, Pi Network price has formed a strong 4-hour candlestick above this upper boundary resistance, indicating that the breakout is strong. This means that bulls now have control over the coin’s future price movements. This setup mirrors a previous article by CoinGape, noting that Pi Coin price may rally if there is de-escalation in the Iran-Israel conflict.
The target price from this bullish breakout is a 30% rally that mirrors the height of this pattern from the May 17 swing low of $0.66 to the May 21 swing high of $0.86. If Pi Network were to surge by 30% from its current price, it could very easily reach $0.78.
Pi Network Price Forms Falling Wedge (Source: TradingView)However, this bullish Pi Network price forecast is dependent on bulls supporting the price above the falling wedge upper boundary. If this resistance falters, it is possible that this rally fails to continue.
Advertisement Advertisement
Rounding Bottom Matures, Confirms Pi Coin’s 30% Surge
Besides the bullish falling wedge pattern, a rounding top has also matured on the four-hour timeframe, which also confirms that a bullish reversal is imminent. Similar to the falling wedge, Pi Network has made a decisive close above the neckline resistance level.
From this breakout point, this rounding bottom could kickstart a 28% rally for Pi Coin price, which is also similar to the falling wedge target. This suggests that Pi Network could soon hit $0.78.
PI/USDT: 4-Hour Chart (Source: Tradingview)The RSI is showing a positive momentum with the reading of 81, confirming that bulls are fully in control. However, this also calls for caution as it signals that PI is about to become overbought, leading to a short-term downward correction.
Advertisement
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What’s Next for PI?
The bullish technical structures that are building around Pi Network price confirm that a bullish reversal is currently underway. After sellers were exhausted following the recent drop to multi-week lows, buyers have stepped in and are driving the price upwards above key resistance levels.
The next path for Pi Coin is likely a move past $1. If buyers can sustain the momentum and profit-taking traders steer clear of the market, it is possible for such a rally to occur.
Advertisement
Frequently Asked Questions (FAQs)
Pi Network price is up today because of a recovery across the broader crypto market. A spike in buy-side activity is also driving gains.
Pi Coin can sustain its gains if it continues to form a decisive close above the upper resistance of a falling wedge and rounding bottom pattern.
After breaking out of the seven-week consolidation, Pi Network price could soar by nearly 30% in the near term.
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