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The Pi Network price edged up a fraction of a percentage in the last 24 hours to trade at $1.3856 as of 2:30 a.m. EST, with trading volume dropping 46% to $508 million.
The uptick in the PI price comes as the Pi Network X account overtook Ethereum to become the fourth most followed cryptocurrency on X.
Pi Network Price Poised For A Bullish Reversal
The 1-hour chart for the PI price reveals a clear descending wedge pattern, a typically bullish reversal formation.
The wedge is marked with points A, B, C, and D, where the Pi Network price action has been consolidating towards the apex of the formation.
Meanwhile, the price of PI has been experiencing a downtrend from the peak above $2.60, forming lower highs and lower lows, with the most recent low at around $1.20.
This suggests a period of prolonged bearish pressure, but the formation of a descending wedge increases the probability of a breakout to the upside.
PI is currently testing a key resistance level near $1.3974, which aligns with the 50 Simple Moving Average (SMA). A breakout above this level could confirm bullish momentum.
The Relative Strength Index (RSI) is currently at 49.16, hovering near the neutral 50-level. This indicates indecision in the market, as the price could move in either direction.
The RSI is also showing an upward slope, suggesting a potential bullish recovery if momentum strengthens.
PI Price Prediction
Pi Network is approaching a decisive moment, with the descending wedge nearing completion. If the price of PI breaks above $1.40, which coincides with the 50 SMA, there could be a rally towards the $1.60-$1.80 resistance zone.
A breakout from the descending wedge pattern would be a bullish confirmation, potentially leading to a retest of the $2.00 level in the short term.
If $1.40 is rejected, the price of Pi Network may consolidate within the wedge before retesting the $1.20 support level.
A breakdown below $1.20 would invalidate the bullish setup, leading to further downside towards $1.00 or lower.
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Related News:
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