⚡ PI Token Poised for Breakout? Altseason Momentum Builds
Pi Network’s PI token trades at $0.40 within a descending channel as consolidation persists. With easing selling pressure, bulls anticipate a breakout above the channel.
Rising investor optimism and risk appetite may support a potential altcoin rally. As the overall crypto market hits $4.15 trillion, conditions appear favorable for PI to attract capital.
Greed among investors climbed from 63 on Wednesday to 68 on CoinMarketCap, reflecting a risk-on sentiment driving inflows into Bitcoin (BTC) and other major cryptocurrencies. The Altcoin Season Index is now 41, up from 39 last week and 32 last month, hinting at a possible altcoin season. This environment could benefit PI as investors shift from BTC and top altcoins into higher-risk tokens.
PI token faces technical resistance. After a 9.32% drop on Sunday, it remains at $0.40, bouncing from the overhead trendline connecting May 21 and June 25 highs, defining the bearish phase of its falling channel. The channel’s bottom trendline links May 17 and June 22 lows. Crossing the overhead trendline near the declining 50-day EMA at $0.45 would indicate a potential trend reversal.
Extended consolidation could test support at $0.37, with the August 6 low of $0.33 as a key risk level.