Since the Pi Network mainnet went live on February 20, the PI token has attracted significant market attention over the past week. Despite facing massive selling pressure initially, the price once fell to an historical low of $0.60.
However, the PI token rebounded strongly afterwards, with an increase of over 150%, and is currently trading at around $1.64. This remarkable recovery has sparked enthusiastic discussions in the market about its future trend.
Three key factors for the recovery of the PI token
Selling pressure alleviated: The massive selling wave from early miners has gradually weakened, many investors have exited their positions, stabilizing the market and creating conditions for price recovery.
Investor confidence restored: The Pi Network team clarified and denied the previous allegations from Bybit's CEO, effectively alleviating market uncertainty and enhancing investor confidence.
Listing expectations heat up: Recent community voting has sparked speculation about the possibility of PI token landing on Binance, further fueling market optimism. If successfully listed, PI token will gain more liquidity and attention.
Technical analysis: Cup and handle pattern indicates potential rise
From the hourly chart, the PI token has formed a classic 'cup and handle' pattern, which is a bullish continuation pattern that usually indicates further price increases after breaking the neckline resistance. Currently, the PI token is testing the key neckline resistance area around $1.64.
Breakthrough of the neckline: If the PI token successfully breaks through the resistance level of $1.64, it may trigger a significant rebound, with target price levels of $2.30 to $2.40, a 45% increase from current levels.
Pullback risk: If it fails to break through this resistance level, the PI token may face a short-term pullback, with the 25-day moving average (MA) becoming a key support level.
Future outlook: Can the upward trend be sustained?
The strong rebound of the PI token and the improvement in market sentiment inject optimistic expectations for its future trend. However, whether it can break through key resistance levels and sustain the upward trend still requires close attention to market dynamics and the performance of technical indicators. If it successfully breaks through $1.64, the PI token is expected to challenge higher price levels; conversely, it may enter a short-term adjustment phase.
With the further development of the Pi Network ecosystem and the potential for major exchange listings, the future performance of the PI token is worth looking forward to. Investors should remain vigilant and closely monitor market changes to seize potential investment opportunities.
