PI Network’s long-awaited mainnet launch was on Feb. 20, generating excitement, but the price fell immediately after it. Nevertheless, the PI coin price surged after its initial fall, despite a decline in the rest of the cryptocurrency market.
PI reached a new all-time high on Feb. 27 before pulling back, trading slightly below its launch price. What’s next for PI? Let’s look at the charts and find out.
PI Price Breaks Out
The PI price had fallen under a descending resistance trend line since its all-time high of $3 in February, culminating with a low of $1.51 on March 2.
Afterward, PI bounced, breaking out from the trend line the next day. However, the price was rejected by the $1.95 horizontal resistance area, which has existed since launch.
PI fell afterward and trades close to its pre-breakout level. Whether it reclaims $1.95 will be critical for the future PI trend.
Technical indicators lean bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing. Furthermore, the RSI just crossed above 50 while the MACD crossed above 0.
So, the price action and technical indicators lean bullish, though they do not confirm the future trend’s direction.
What’s Next for PI?
Similarly to the PI price action, the wave count leans bullish. According to the count, PI completed a five-wave increase, characterized by its symmetrical triangle in wave four.
After the all-time high, there is a distinct A-B-C corrective structure which ends with the low of $1.51 on March 2. Waves A and C had nearly the same length, ending at the 0.618 Fibonacci retracement support level (green icon), supporting the likelihood that this is the correct count.
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A decisive close above the $1.95 horizontal resistance area will confirm this possibility, triggering an increase to at least $2.40. The reaction once it gets there can confirm if the increase is just a relief rally or the beginning of an upward movement toward new highs.
On the other hand, failure to reclaim $1.95 could drop the PI price to the 0.786 Fibonacci retracement support level at $1.11, deepening the correction.
Whichever may be the case, it seems that PI trend is bullish. The price started a five-wave upward movement in February and is now correcting as a result of it.
Bullish PI Trend
The PI price regained its footing after its initial decline, surging to a new all-time high on Feb. 27. While the PI price has fallen since, it recently broke out from a resistance trend line, a sign the correction could be over. Reclaiming the $1.95 resistance can catalyze an increase toward at least $2.40.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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