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đ±đ„Pi Network (PI) Price Outlook: Bullish Reversal Potential After Steep Dropđ
#pi Networkâs heavily delayed mainnet launch was disappointing regarding the price action since PI fell almost immediately after launch.
While the price mounted a rally a few days later, reaching a new all-time high on Feb. 26, it failed to maintain it, falling over 70%.
PI is approaching a make-or-break support level that can determine if the price will fall to a new all-time low or begin a recovery. Letâs look at the charts and see which is more likely.
PI Price Falls
The 12-hour chart shows PI has decreased inside a descending wedge pattern since its all-time high of $3 on Feb. 26.
The descending wedge is considered a bullish pattern, which usually leads to breakouts. Pi Networkâs price is approaching the end of the pattern, so a decisive movement outside of it is likely soon.
The wedgeâs support trend line also coincides with the $0.70 horizontal support area, suggesting a strong bounce is likely once it reaches that area.
PI Movement
PI/USDT 12-Hour Chart | Credit:
However, technical indicators do not align with this positive price action and breakout possibility.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling, and neither has generated bullish divergences.
So, based on the 12-hour time frame readings, it is unclear if Pi Networkâs price will break out from the wedge or breakdown below the $0.65 support.
PI Correction Over?
The #PiNetwork wave count aligns with the price action, suggesting the correction will end soon.
According to the count, PI completed a five-wave upward movement (green) and is finishing an A-B-C correction (red). The sub-wave count is in black.
Giving waves A and C the same length leads to a low of $0.60, slightly below the $0.65 horizontal support area.
This would also take the Pi Network price to the support trend line of a short-term descending wedge.
The sub-wave count supports this prediction since it suggests PI is completing wave Câs fifth and final sub-wave.
PI Count
PI/USDT Six-Hour Chart | Credit:
If accurate, the count would have major bullish implications for the PI price since it would suggest that the long-term trend is still bullish.
So, after the PI price breaks out, it is expected to reach at least the $1.40 resistance and possibly move to $1.75. A close above the latter would open the door for a new all-time high.
#VoteToListOnBinance #WhaleMovements #BinanceAlphaAlert
While the price mounted a rally a few days later, reaching a new all-time high on Feb. 26, it failed to maintain it, falling over 70%.
PI is approaching a make-or-break support level that can determine if the price will fall to a new all-time low or begin a recovery. Letâs look at the charts and see which is more likely.
PI Price Falls
The 12-hour chart shows PI has decreased inside a descending wedge pattern since its all-time high of $3 on Feb. 26.
The descending wedge is considered a bullish pattern, which usually leads to breakouts. Pi Networkâs price is approaching the end of the pattern, so a decisive movement outside of it is likely soon.
The wedgeâs support trend line also coincides with the $0.70 horizontal support area, suggesting a strong bounce is likely once it reaches that area.
PI Movement
PI/USDT 12-Hour Chart | Credit:
However, technical indicators do not align with this positive price action and breakout possibility.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling, and neither has generated bullish divergences.
So, based on the 12-hour time frame readings, it is unclear if Pi Networkâs price will break out from the wedge or breakdown below the $0.65 support.
PI Correction Over?
The #PiNetwork wave count aligns with the price action, suggesting the correction will end soon.
According to the count, PI completed a five-wave upward movement (green) and is finishing an A-B-C correction (red). The sub-wave count is in black.
Giving waves A and C the same length leads to a low of $0.60, slightly below the $0.65 horizontal support area.
This would also take the Pi Network price to the support trend line of a short-term descending wedge.
The sub-wave count supports this prediction since it suggests PI is completing wave Câs fifth and final sub-wave.
PI Count
PI/USDT Six-Hour Chart | Credit:
If accurate, the count would have major bullish implications for the PI price since it would suggest that the long-term trend is still bullish.
So, after the PI price breaks out, it is expected to reach at least the $1.40 resistance and possibly move to $1.75. A close above the latter would open the door for a new all-time high.
#VoteToListOnBinance #WhaleMovements #BinanceAlphaAlert
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
