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

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.

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.