After plummeting 85% from its initial listing, Pi Network's native token, PI, has made a significant comeback:
All-Time Low: Dropped to $0.40 on April 5.
Recent Surge: Climbed 130% last week, reaching a high of $1.30.
Current Resistance: Facing a critical barrier at $1.40, a key horizontal and Fibonacci resistance level.
This resurgence is partly attributed to speculation about a potential Binance listing, which has reignited investor interest.
Technical Indicators Show Strength
Analyzing the daily chart reveals:
Higher Low Formation: The first higher low was established on May 8.
Breakout: Surpassed the $0.75 resistance, accelerating upward momentum.
Indicators: Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are on the rise, indicating bullish momentum.
While these indicators are in overbought territory, there's no immediate sign of a bearish reversal.
Short-Term Outlook: Potential for Minor Pullback
On the 6-hour chart:
Symmetrical Triangle Breakout: PI broke out and validated this pattern as support.
Wave Analysis: Currently in an extended wave three, suggesting a target of $2, aligning with the 0.618 Fibonacci retracement level.
Possible Retracement: A brief dip as part of sub-wave four might occur but is expected to be shallow before resuming the upward trend.
Path to $2: What to Watch
For PI to continue its ascent:
Break Above $1.40: A decisive move past this resistance could pave the way to new all-time highs.
Monitor Volume: Sustained trading volume will be crucial to support further gains.
Stay Informed: Keep an eye on market news and potential exchange listings that could influence PI's price action.
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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.