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After months of bearish pressure, Pi Network (PI) may finally be poised for a comeback. Following a prolonged correction phase, recent price action indicates a potential shift in market sentiment—marked by a notable breakout above descending resistance and nearly doubling in value.
The bullish momentum propelled PI from a low of $0.38 on April 5 to a local high near $0.80. This upward move completed a textbook five-wave Elliott impulse, signaling renewed investor confidence. The correction that followed formed a classic A-B-C-D-E descending wedge, culminating in a breakout around the $0.54 level—often a sign of bottoming.
Technical indicators back this bullish narrative. The Relative Strength Index (RSI) dipped into oversold territory during key turning points, mirroring past reversal zones. Meanwhile, Fibonacci analysis reveals that PI bounced at the 0.786 retracement level ($0.56), a critical level often associated with market reversals.
Short-term analysis shows a potential bullish wave (iii) forming, with PI consolidating between $0.54 and $0.60 in a corrective wave (ii). A breakout above $0.626—coinciding with the 0.236 Fib level—could trigger a fresh surge. Fibonacci extensions place wave (iii) targets at $0.904 (1.0), $1.00 (1.272), and $1.13 (1.618).
However, a drop below $0.54 would invalidate this bullish setup, marking a critical level for traders to watch. Holding above this support zone is essential to sustain momentum and validate the ongoing bullish structure.
Key Levels to Watch:
- Resistance: $0.626 (0.236 Fib, breakout trigger)
- Support: $0.54 (wave ii low, invalidation level)
- Short-Term Targets: $0.904, $1.00, $1.13
- Retracement Zones: $1.47 (0.5 Fib), $1.83 (0.382 Fib)
Also Read: Pi Network Under Fire: Mainnet Delays and Price Crash Shake User Trust
In summary, Pi Network is showing promising signs of a trend reversal. While confirmation is still needed, the alignment of technical indicators and wave analysis paints a bullish picture—one that could lead PI toward the $1.13 mark if momentum sustains.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
