Is Pi Network Price Preparing a Big Jump Ahead of Pi Day?

Pi Network price has crashed to an important support level this week. It has formed a unique chart pattern that could lead to a big jump ahead of Pi Day on June 28. Such a rebound may push it to the psychological point at $1 or even $1.6638, its highest point last month. 

Pi Network Price Technical Analysis: Rebound Can’t be Ruled Out

Pi Network price remains under pressure as the crypto market crash continues. It has dropped below the 50-period moving average on the eight-hour chart, a sign that bears have prevailed. Still, more contrarian technical patterns point to a potential rebound:

• Pi Coin has formed a slanted triple-bottom pattern.
• The MACD indicator points to a bullish divergence. 
• A Bollinger Bands squeeze hints at a rebound.

The eight-hour chart shows that the Pi coin price has settled at a crucial support level. This price coincides with the ascending trendline that links the lowest swings since April 7. That is a sign that it has formed a slanted triple-bottom pattern whose neckline is at $1.6638.

A triple-bottom pattern often indicates that bears are afraid of placing short trades below that support level. It is characterized by three distinct lows and a neckline. 

The MACD indicator is showing signs of forming a bullish divergence pattern. This divergence happens when an asset is in a downtrend and the two lines of the MACD are moving upwards. A breakout typically happens when the two lines cross the zero line and the volume starts rising. 

The spread of the three lines of the MACD indicator has also narrowed, signaling that volatility has waned. A big move in either direction often follows a Bollinger Bands squeeze. For example, the last one in late April and early May led to a big breakout. 

In this case, the triple bottom points and the divergence points to the potential Pi Network price breakout being bullish.

Pi Coin Price Targets

Therefore, a bullish breakout will likely push the Pi coin to $0.8665, the highest swing on May 22. A move above that level will bring the next target at the psychological level at $1, up by 60% from the current level.

The bullish Pi Network price outlook will become invalid if it drops below the lower side of the channel, as that will invalidate the triple-bottom.

Pi Network price prediction between 2025 and 2030 – Read this

Pi Day 2 to be a Catalyst

The next potential catalyst for the Pi Network price will be Pi Day 2, which will happen on June 28. Also known as the Tau Day, Pi Day aims to celebrate the Greek letter tau. 

The Pi Day 2 event may lead to more discussions on Pi, which may lead to a rebound. Also, the Pi Core Team may decide to use the day to make a big announcement on its network.

Most importantly, one or more crypto exchanges may decide to use the day to list it. Such a move would cause a God Candle, as other tokens have done in the past. For example, Ravencoin price jumped by 90% on Thursday after it was listed on Upbit. 

Summary

Pi coin price has been under pressure in the past few months as its demand waned and unlocks increased. This consolidation may end this month now that it has formed bullish patterns, and the Pi Day is around the corner.