Pi Coin is still the hot topic in crypto despite horrible price action after hitting all-time high of $2.98 in late February.
However, in the last 24 hours, something happened on the Pi Coin chart that could potentially be positive news for holders. Pi Network’s token pumped 40% from all-time lows and is now trading around $0.65.
The PI/USDT trading pair on the 4-hour timeframe shows an interesting technical development. Pi Coin has been trapped in a well-defined descending channel for several weeks, represented by parallel downward-sloping trendlines. This channel, with its upper and lower boundaries, has contained Pi’s price movement during its prolonged decline from February highs.
The Road to Recovery
Pi Coin recently bounced from $0.40, which seems to be its lowest price ever. This bottom level held strong and helped stop the ongoing price drop. What’s interesting now is that Pi has pushed above the upper line of its downward channel. When prices break out of these patterns, it often means the downtrend might be ending or at least pausing for a while.
The RSI indicator now sits at 52.13, slightly above the middle point of 50. This shows that buying momentum is picking up but isn’t too hot yet, suggesting prices could still climb higher.
Looking at this breakout, the Pi Coin chart points to a possible target of $1.0056. This price lines up with where Pi found resistance in mid-March, making it a natural next goal. If Pi moves from $0.64 to just over $1, that’s about a 56% gain.
Traders should keep an eye on these important price points:
- $0.40: The recent bottom that started this bounce
- $0.65 Current price that confirms the breakout
- $0.80-$1.00: Likely to be tough resistance areas
For Pi to reach $1, it needs to stay above the breakout point. But don’t be surprised if the price dips back to test the $0.58-$0.60 area first – this happens a lot after breakouts and doesn’t mean the uptrend is over.
Remember that charts only tell part of the story. The overall crypto market mood and any news about Pi Network’s development or new exchange listings will play a big role in whether Pi actually hits that $1 target soon. Our today’s Pi Coin price prediction indicates the price will likely trade between $0.63 and $0.71 until Monday.
Read also: How High Can Pi Coin Price Rise in 2025?
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