Key Takeaways
- Pi coin breaks out of its downtrend, reclaiming price above its bullish wedge structure.
- Pi Network’s price breaking above its $1 resistance level could spark a renewed bullish sentiment for Pi.
- Pi coin breaking out of its downtrend after weeks of consolidation indicates bullish dominance.
Pi Network (PI) ends its long consolidation price action after seeing over a 17% price gain in the last 24 hours as the price traded above $0.63 for the first time in weeks after its price from a $3 all-time high, indicating an over 65% crash in the past few weeks.
This recent price rally stemmed from a Pi coin price dump, which reached a low of $0.40 following its initial surge toward $0.80. The price faced significant resistance in the lower-price regions. With a strong breakout from its low price, we would be looking at a bullish price rally.
Related Read – Pi Network June Price Prediction – Will Price Go Up or Down?
Pi Network Breaks its Downtrend As BTC Rallies
Source – Pi Network Price Rally From TradingView
Pi coin has had an incredible entrance into the crypto space with a price gain of $3 in the first few weeks of launch on notable exchanges. A few weeks of trading saw the price crash from its all-time highs of $3 towards $1, where the price has struggled in a major part of its rally due to high sell pressure around this zone.
Following the price struggling to overcome its resistance of $1, it crashed into the key support zone of $0.6. However, the price rebounded to $0.82 but struggled to find a volume that could sustain its price towards its major resistance of $1, as it retracted back into the $0.6 support.
However, Pi Network’s bullish price action failed to protect this zone on the higher timeframe of 4 hours, as the price further saw a renewed setback towards the $0.4 low, remaining in consolidation for weeks while trading around this downtrend.
Currently, the price of Pi Network has demonstrated a strong bullish breakout from its downtrend, with a push of the price out of its bullish falling wedge to the upside, reaching $0.63. The price aims to continue its rally to the upside.
If the price of Pi Network maintains a price breakout with strong volume, there are high chances of the price rallying towards the $0.8 and $1 resistance levels to break above this zone in the coming weeks.
A close above the $1 resistance for Pi Network could signal a significant shift from bearish to bullish for bulls, as the price could see more upside potential. What is next for Pi Network following its recent strong rally?
What’s Next For Pi Coin?
Pi Network must break above $1 to show real signs of bullish price action to the upside, as the price is struggling below this zone could lead to more price correction toward its key low. The recent price rally out of its bullish wedge would give traders and investors more opportunities to pay close attention to how Pi coin develops in the days or weeks to come.