Pi Network Price Analysis: What Israel Iran War Means for Pi Coin

Pi Network (PI) is up by 6% today, June 24, to trade at $0.534, as it reflects the gains across the rest of the crypto market. These gains came amid reports that Israel and Iran had agreed on a ceasefire agreement, before it later emerged that the deal had been violated. Nevertheless, Pi Network price has held on to its gains, and this has drawn speculation from holders about what this geopolitical situation could mean for Pi Coin.

Pi Network Price Targets Wedge Breakout After Gains

Pi Network has been trading within a falling wedge pattern for nearly two weeks. The price is currently testing the upper resistance, indicating that the bullish momentum could be growing after the recent gains fueled by ongoing developments in the Israel-Iran conflict.

Pi Coin is now trading close to this resistance level, and has tested it several times since the rally commenced, indicating that bulls are targeting a breakout. If this breakout occurs accompanied by strong buying volumes, it will pave the way for a reversal to the upside.

The breakout rally from this bullish reversal setup will mirror the height of this pattern, which, in this case, suggests that a 15% rally could be imminent. If Pi Coin can make a decisive close above this resistance on the four-hour timeframe chart, the price could reach $0.62.

The RSI also confirms the bullish thesis that the Pi Network price may surge after it reached 53 following a bounce from the oversold region. If this indicator continues to make higher highs, Pi Coin price may continue the upward trend.

However, a sustainable breakout from this falling wedge pattern will only be supported by a bullish MACD. Currently, this indicator is in the negative region and seeking to cross the zero line. Once it flips bullish, bulls could have the strength to aid the breakout from resistance.

How Will the Israel-Iran Conflict Impact Pi Coin?

The gains recorded by Pi Network price in the last 24 hours have not been unique to the altcoin, as the entire market has also rallied. In fact, the global crypto market cap had increased by 4.2% on Tuesday to $3.25 trillion per CoinMarketCap data.

This rise reflects the behavior of traders allocating capital to risk assets such as Bitcoin, Ethereum, and Pi Coin. If there is a solution to the ongoing conflict in the Middle East, Pi Coin price could rally, not only to the falling wedge target, but to even $1. However, if there is no solution in sight and traders begin to reduce their positions to avoid risk, it could push the price back into bearish territory.

Renowned analyst Dr.Altcoin supports this bullish narrative for Pi Network price prediction in case of positive developments in this conflict, saying,

“The Israel-Iran ceasefire news is positive for Pi. Pi is unlikely to fall below $0.40, which currently stands as its all-time low.”

To sum up, Pi Network price will likely post gains if there are positive developments between Israel and Iran that increase the risk appetite among traders. Meanwhile, a falling wedge pattern hints that Pi Coin is about to record a 15% gain to the upside after the price tests the upper trendline resistance.