Pi network Cryptocurrency Sees Potential Rebound Amid Market Downturn
The pi Network cryptocurrency has faced a important drop in value since its mainnet launch in february. Currently priced at $0.3985, it’s down 87% from its peak this year. Despite this downturn, technical analysis suggests Pi might potentially be on the verge of a comeback.
On the 12-hour chart,Pi has created several bullish formations. The formation of a double-bottom pattern near $0.40 indicates potential strength.An upside breakout could push the price towards a target of $1, a hefty 154% increase.
Additionally, Pi presents a large falling wedge chart pattern – two descending lines nearing convergence frequently enough signal a bull surge. Complementary signs include the narrowing bollinger bands, hinting at an imminent breakout.
- RSI index improved from 19.7 to a healthier 52-exit oversold territory.
- Percentage Price Oscillator revealed a bullish crossing, indicating an upcoming positive shift.
Potential factors driving Pi’s recovery include a market-wide crypto rally, primarily led by Bitcoin’s performances, and possible listings on major exchanges like Coinbase and Binance. Developer announcements about Pi’s decentralization and token sales could also play roles.
While Pi Network’s price outlook suggests a recovery to a key psychological level at $1, investors must remain cautious yet optimistic. Therefore,monitoring these factors could give valuable insights.
