Pi Network (PI) Price Analysis: A Critical Turning Point for a Potential Reversal
The long-awaited mainnet launch of Pi Network ($PI) did not deliver the price momentum many had hoped for. Instead, after an initial surge, PI experienced a sharp decline, losing over 70% of its value following its all-time high of $3 on February 26. Although a brief rally attempted to revive bullish sentiment, the price struggled to maintain upward momentum. Now, PI is hovering around a crucial support level, which will determine whether it initiates a strong recovery or slides to new lows.
PI's Current Trend and Key Support Levels
On the 12-hour timeframe, PI is trading within a descending wedge pattern, a formation typically considered bullish as it often results in an upward breakout. With PI now approaching the pattern’s endpoint, a significant price movement is imminent. Notably, the wedge’s support line aligns with the $0.70 horizontal support zone, reinforcing the possibility of a bounce from this critical level.
Will PI Reverse or Continue Declining?
Despite the bullish wedge formation, technical indicators remain concerning. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) continue to decline, showing no signs of a bullish divergence that could signal a reversal. This raises uncertainty about whether PI will successfully break out or succumb to further losses below the $0.65 mark. Traders should closely monitor upcoming price action, as
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