Price Analysis

Red Alert For Pi Network Price As A Dangerous Pattern Forms

Explore why the Pi Network price could continue falling after forming a bearish pennant chart pattern on the daily chart
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Red Alert For Pi Network Price As A Dangerous Pattern Forms

Highlights

  • Pi Network price has formed a bearish pennant pattern on the daily chart.
  • It has also moved below the 50 Exponential Moving Average.
  • These patterns point to a potential Pi coin price breakdown.

Pi Network price IoU has erased most of the gains made a few weeks ago as hopes of the mainnet launch fade. The Pi Coin has formed a risky chart pattern, pointing to more downside in the near term.

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Pi Network Price Analysis: Bearish Pennant Forms

The Pi Coin IoU price could be on the cusp of a strong bearish breakdown after forming two risky chart patterns. It formed a near double-top pattern around the resistance level at $92. This pattern is made up of twin peaks and is often a popular sign of more downside.

Pi Network has now formed a bearish pennant pattern, which is characterized by a long vertical line and a triangle-like pattern. This symmetrical triangle has formed well and is slowly bearing its confluence level. A bearish breakout typically happens when the two lines of the triangle are about to converge.

Worse, Pi Network has also moved slightly below the 50-day Exponential Moving Average, while the MACD indicator has dropped below the zero line. 

Therefore, a drop below the ascending trendline that connects the key down-swings since September, will point to more downside. If this happens, Pi Network price will drop to $37, its lowest level on October 15, and 30% below the current level.

Pi Network price

Conversely, a move above the important resistance level at $57.5 will invalidate the bearish view. This is the upper side of the pennant’s triangle. A bullish case would be supported by the fact that Pi coin price remains above the ascending trendline. 

Also, the last strong uptick in November happened after it spent a few weeks in a consolidation. Therefore, if this breakout happens, the coin could jump to about $73, the 61.8% retracement level.

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Pi Coin Mainnet Launch

A likely reason why the Pi Network price may have a bearish breakout is that the mainnet launch may not happen this month as expected.

In a statement during the weekend, the developers postponed the grace period for the KYC verification from November 30 to December 31. With this postponement, it means that the transit from the enclosed mainnet to a full mainnet.

The mainnet launch is important because it will let pioneers convert their Pi coins them into fiat currencies. It is impossible to convert these coins into cash during the enclosed mainnet period. The general view is that the Pi Network IoU will rise ahead of the mainnet launch. 

To be clear: this IoU is not affiliated with the main Pi Network team and is only listed in HTX. It is, nonetheless, used as a proxy for the Pi Network token.

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Frequently Asked Questions

Why do you expect the Pi Network price to fall?

It has formed a small wedge and a bearish pennant, pointing to a potential bearish breakdown.

When will the Pi mainnet launch happen?

The Pi Network mainnet launch will happen possibly in the first quarter of next year. Previously, the developers wanted to list it in December.

Can the Pi coin price bounce back?

Yes, the coin still remains above the ascending trendline since September, pointing to a potential rebound.
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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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