PI Breakout Loading? Altseason Hype Builds Momentum
At $0.40, Pi Network's PI token bounces in a descending channel.
Increasing crypto market greed represents investor risk-taking.
A possible altcoin season might spark the next PI token bull run.
The consolidation range witnessed in the last few days inside a falling channel pattern continues on Thursday with Pi Network (PI) at $0.40. As selling pressure eases, PI token bulls expect a channel breakthrough.
As the cryptocurrency market hits a record $4.15 trillion, risk-on mood and an altcoin season might boost PI.
Crypto investors are optimistic.
Investor greed rose from 63 on Wednesday to 68 on CoinMarketCap. Greed and risk-on investor mood drive capital inflows and push Bitcoin (BTC) and other leading cryptocurrencies to record highs.
The Altcoin Season Index is 41, up from 39 last week and 32 last month, signaling a possible altcoin season. Pi Network may see capital influx from Bitcoin and other top altcoins to riskier and more volatile cryptocurrencies like PI in the upcoming altseason.
Pi Network awaits channel breakthrough rally.
After falling 9.32% on Sunday, the PI token stays at $0.40. PI token reversed from the overhead trendline linking May 21 and June 25 highs, marking a bearish cycle inside a falling channel.
The falling channel pattern's bottom limit is a trendline connecting May 17 and June 22 lows. PI should cross the overhead trendline around the dropping 50-day EMA at $0.45 to confirm a trend reversal.
An prolonged Pi Network adjustment might challenge the $0.37 support zone and the $0.33 August 6 low.
