After breaking out of a 7-week bearish wedge consolidation, is Pi Network price ready for $1 as the 30% rally lower?
Pi Network (PI) ended a seven-week streak with a strong rally of 16% today, June 25, to trade at $0.62.
The breakout has pushed the Pi Network price out of a falling wedge pattern, signaling that a bullish trend reversal is underway. As Pi Coin outperforms the rest of the market and bullish indicators align, can it reclaim $1?
The price of the Pi network breaks the descending wedge resistance.
The price of Pi Coin has been on a massive bull run over the past three days. During that time, the price has moved from a multi-week low of $0.47 to a weekly high of $0.62, per CoinMarketCap data.
This rally led to a decisive close above the upper boundary resistance of the falling wedge pattern.
A falling wedge pattern usually indicates that the downtrend is weakening and the bulls are trying to control the price action. However, the bullishness of this pattern is confirmed only when the price breaks above the upper limit.
Currently, the price of Pi Network has formed a strong 4-hour candlestick above this upper boundary resistance, indicating that the breakout is strong.
This means that the bulls now have control over the future price movements of the coin. This setup mirrors a previous article, which stated that the Pi Coin price could rise if the Iran-Israel conflict subsides.
The target price from this bullish breakout is a 30% rally that reflects the pattern high swing from the May 17 low of $0.66 to the May 21 high of $0.86. If Pi Network rises 30% from its current price, it could very easily reach $0.78.
However, this bullish pie network price prediction depends on bulls supporting the price above the falling wedge upper boundary. If this resistance is broken, the rally may not continue.
A rounding bottom matures, confirming a 30% increase in PiCoin.
In addition to the bullish falling wedge pattern, a rounding top has also matured on the four-hour time frame, which also confirms that a bullish reversal is imminent.
Like the falling wedge, Pi Network has made a decisive close above the neck resistance level.
From this breakout point, this rounding bottom could initiate a 28% rally for the Pi Coin price, which equates to a falling wedge target. This suggests that Pi Network could soon reach $0.78.
The RSI is showing positive momentum with a reading of 81, confirming that the bulls are fully in control.
However, it also calls for caution as it indicates that PI is being overbought, which could lead to a short-term downward correction.
What’s next for PI?
The fast-moving technical structures that are building around the Pi network price confirm that a bullish transformation is currently underway.
After sellers exhausted themselves following the recent dip to multi-week lows, buyers have stepped in and are pushing the price above the resistance level.
Pi Coin's next path is likely to go beyond $1. If buyers can maintain this momentum and profit-taking traders stay out of the market, then such a rally is possible.
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