The Pi Coin has garnered significant attention lately, with its price hovering around $0.64. Many traders and investors are curious if this is an excellent entry point for a potential price rally.
With recent fluctuations and technical analysis showing some promising signs, there may be reasons to believe that Pi could hit the $1 mark sooner than expected.
Pi Coin Price Action and Market Behavior
Over the past few weeks, Pi Network’s price has fluctuated between $0.60 and $0.70, signaling a period of consolidation. The current price is resting at $0.64, just above critical support levels.
This consolidation phase may indicate that the market is preparing for a breakout in one direction. If Pi holds steady above the $0.61 support zone, the possibility of an upward movement remains high.
During the consolidation, the volume has dropped, suggesting that investors are waiting for the next catalyst before making a decisive move. Traders often use this phase as an opportunity to re-evaluate market conditions, which is why the next significant price movement could be either bullish or bearish.
Therefore, a breakout above the $0.65 level could lead to further price acceleration toward $1, especially if buying pressure increases.
Market Sentiment and Volume Trends Point to Potential Upside
Pi Network’s price has dropped by 4.23% over the last 24 hours, moving from $0.6453 to $0.6181, while its trading volume surged by 69.27%. This increase in volume indicates higher investor activity, signaling that traders may be waiting for a potential price reversal. The price is testing a key support level around $0.61, suggesting that if it holds, Pi could bounce back to its previous high.
On exchanges, long positions are predominant, which reflects optimism among traders expecting the price to rise. However, if Pi fails to break higher, these long positions may be forced to sell, potentially triggering a short squeeze and further volatility.
The market sentiment remains cautiously bullish, but with volatility in play, investors should watch key price levels closely. A break below $0.61 could signal further declines, while a push above $0.6453 would confirm the bulls’ strength.
Technical Indicators Suggest Room for Growth on Pi Coin
According to expert technical analysis, Pi Coin’s price appears bearish but has been consolidating within a tight range over the past week. The daily chart shows that this ongoing consolidation is occurring near a key support level at $0.55.
Analysts note that consolidation is typically a phase where bulls and bears compete to push the asset in either direction.
At the time of writing, Pi’s RSI is at 36.7, which indicates that it is almost oversold. Since Pi’s RSI value shows that the market is approaching oversold, an RSI below 30 may mean the asset could be ready to rise. A rise in the RSI above 40 might mean the start of the crypto recovery, possibly heading towards a price of $1.
Also Read: Pump.fun Rumored to Launch Token with $4 Billion Valuation
Pi Network’s Key Support and Resistance Levels
Based on recent price action and historical patterns, if the downward pressure accelerates, there is a strong possibility that the asset could drop by 10% and reach the $0.55 level.
On the other hand, if market sentiment improves and the network upgrades itself by resolving the KYC issues, there is a strong possibility that Pi Coin could see an upside rally of over 40%, potentially reaching the $0.85 level.
