Pi Network Ends 7-Week Consolidation With a Bang, Here’s What Next For Pi Coin

Pi Network (PI) is on the verge of massive gains to the upside after a bold 15% surge in the last 24 hours. Pi Network price is trading at $0.61 today, June 25, and trading volumes were up by 66% to $196 million. The uptrend has broken Pi Coin out of a seven-week downtrend, and buills are now eyeing how high it can go and whether a rally to $1 is on the cards.

Pi Network Price Breaks Falling Wedge Resistance

Pi Coin price has been on a massive bull run in the last three days. During this time, the price has moved from a multi-week low of $0.47 to hit a weekly high of $0.62, per CoinMarketCap data. This rally has led to a decisive close above the upper boundary resistance of a falling wedge pattern.

A falling wedge pattern usually indicates that the downtrend is growing weak and bulls are attempting to take control of the price action. However, the bullishness of this pattern is only confirmed when the price moves above the upper boundary.

Currently, Pi Network price has formed a strong 4-hour candlestick above this upper boundary resistance, indicating that the breakout is strong. This means that bulls now have control over the coin’s future price movements. This setup mirrors a previous article by CoinGape, noting that Pi Coin price may rally if there is de-escalation in the Iran-Israel conflict.

The target price from this bullish breakout is a 30% rally that mirrors the height of this pattern from the May 17 swing low of $0.66 to the May 21 swing high of $0.86. If Pi Network were to surge by 30% from its current price, it could very easily reach $0.78.

However, this bullish Pi Network price forecast is dependent on bulls supporting the price above the falling wedge upper boundary. If this resistance falters, it is possible that this rally fails to continue.

Rounding Bottom Matures, Confirms Pi Coin’s 30% Surge

Besides the bullish falling wedge pattern, a rounding top has also matured on the four-hour timeframe, which also confirms that a bullish reversal is imminent. Similar to the falling wedge, Pi Network has made a decisive close above the neckline resistance level.

From this breakout point, this rounding bottom could kickstart a 28% rally for Pi Coin price, which is also similar to the falling wedge target. This suggests that Pi Network could soon hit $0.78.

The RSI is showing a positive momentum with the reading of 81, confirming that bulls are fully in control. However, this also calls for caution as it signals that PI is about to become overbought, leading to a short-term downward correction.

What’s Next for PI?

The bullish technical structures that are building around Pi Network price confirm that a bullish reversal is currently underway. After sellers were exhausted following the recent drop to multi-week lows, buyers have stepped in and are driving the price upwards above key resistance levels.

The next path for Pi Coin is likely a move past $1. If buyers can sustain the momentum and profit-taking traders steer clear of the market, it is possible for such a rally to occur.