Pi Coin Price Could Jump 30%, But There’s a Catch

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Coingapestaff

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Pi Coin Price Could Jump 30%, But There’s a Catch

Highlights

  • Pi Coin price shows potential bullish breakout above key resistance levels.
  • Symmetrical triangle pattern signals imminent volatility and possible breakout.
  • Technical analysis suggests a potential buying opportunity, as the market eyes a 30% surge.

Pi Coin price is currently hovering around $0.2239 after showing slight consolidation over the past 24 hours. Despite the recent stabilization, there are indications that the Pi Coin price could rise by 30%, but investors should proceed with caution. After a long spell of decline, Pi Network is now pointing to a possible turnaround. 

The Pi Coin price eyes a breakout from a long-term descending channel, and the token is currently testing the area where the breakout occurred. Support is still intact above the short-term trendline, which is an early indicator of bullish strength. 

The overall crypto market is still in a weak state, having recorded a 0.93% decline over the past 24 hours, thus maintaining the downward trend that has been seen over the past week.

Analyst Highlights Potential PI Coin Price Breakout

Crypto analysts are closely watching PI coin price as it forms a symmetrical triangle pattern. A higher-low support and a descending resistance line have created a price area that points to an imminent movement of PI. The volume has been consistently going down, which is a signal of a compression phase that comes before a significant price movement.

When this happens, the momentum will be very high. The preferred method is to establish long positions during the breakout and the retest of the trendline. Until confirmation is received, it is crucial to monitor PI, as the configuration suggests a significant move might be coming soon.

PI Coin Price Eyes Bullish Momentum, Targets $0.30

At the time of writing, the PI coin price traded at $0.2275. The coin has recently experienced an upward movement, bringing it closer to a critical resistance level of $0.25.

Should the breakthrough of Pi coin price over this resistance happen, then the next aim might be positioned at $0.30.  This would be a gain of 30% approximately from its present level, as the Pi Coin long-range prediction shows bullish in the near-term.

Pi Coin Price Could Jump 30%, But There’s a Catch
Source: PI/USD 4-hour chart: Tradingview

Currently, the Relative Strength Index (RSI) is at 58, indicating the coin’s status as neither overbought nor oversold but rather in a middle position.

The Moving Average Convergence Divergence (MACD) is also displaying an upward trend with the signal line breaching above the MACD line, which could suggest a buy signal.

In the scenario of a price drop, if the upward trend is not supported, the price may revert to the support level of about $0.2250.

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Frequently Asked Questions (FAQs)

1. What factors could influence Pi Coin's price?

The price of Pi Coin can be influenced by market sentiment, overall cryptocurrency market trends, Pi Network’s development, and any major news related to Pi Coin.

2. What is a symmetrical triangle pattern in trading?

A symmetrical triangle is a technical chart pattern that signals potential breakout points. It occurs when the price forms a series of lower highs and higher lows, suggesting volatility and a potential move in either direction.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.