Key Takeaways
- There are rumours that Binance will list Pi Network (PI) in May.
- The PI coin price broke out from a descending resistance trend line.
- Can PI break through $0.75 and begin a bullish trend reversal?
Rumours about Binance listing Pi Network have emerged after a Binance Wallet started testing transactions on the Pi Chain. While there is no official confirmation for Binance, several X users have noted many transactions from the wallet.
Alongside the positive news, the PI price shows some bullish signs and attempts to break out from the $0.75 resistance area. Let’s look at some charts and see if a breakout is likely.
PI Price Reaches Resistance
The PI price had fallen under a descending resistance trend line since its all-time high of $2.98 on Feb. 27.
Pi Network’s downward movement led to an all-time low of $0.40 on April 5.
The price rallied afterward, breaking out from the resistance trend line and reaching the $0.75 horizontal resistance area.
Even though the first breakout attempt was unsuccessful, PI created a higher low in May, the first one since the all-time low.
Today, the PI Network price attempts to break out from the resistance area, which, if successful, could lead to a high of $1.40.
Interestingly, the Relative Strength Index (RSI) moved above 50 (green icon) for the first time in history, enhancing the likelihood of a breakout.
Short-Term PI Breakout
The short-term four-hour analysis supports the bullish readings from the daily one, showing a breakout from a symmetrical triangle.
Even if the movement is part of a corrective A-B-C structure, the PI price will likely reach a high of $1.15.
Alternatively, the PI price could move much higher if this is the beginning of a new five-wave upward movement.
In both cases, a breakout above the $0.75 resistance area will likely push the PI price to new highs.
PI Shows Bullish Signs
PI Network’s price is finally showing bullish signs, spurred by its Binance listing rumours.
The price broke out from a short-term pattern and is attempting to move above $0.75.
If successful, PI could increase to at least $1.15 and possibly $1.35.
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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