Pi Network (PI) is at a make-or-break moment after a short-lived rebound over the past two days. The large-cap altcoin, with a fully diluted valuation of around $16.3 billion and an average daily trading volume of about $405 million, has climbed nearly 8% in the last 48 hours. As of early Wednesday, March 12, during the European session, PI is trading at around $1.48.
Now, all eyes are on whether Pi can break past key resistance or if another pullback is on the horizon. Traders are watching closely, as the next move could set the stage for what’s ahead in the coming weeks.
Let’s dive into the charts.
With its recent price recovery, Pi Network has become the most trending crypto asset on Coingecko over the past 24 hours, reflecting increased interest from speculative traders.
On the 1-hour chart, PI has been consolidating within a symmetrical triangle pattern for the past four days. After its recent rebound, the price is now testing the upper boundary of this pattern—a key resistance level that could determine the next move.
Coinpedia previously noted that Pi’s price had already confirmed a reversal pattern, marked by a head-and-shoulders formation and a bearish divergence in the daily Relative Strength Index (RSI). This suggests a strong possibility of a further price drop in the coming days.
A closer look at the 5-minute chart shows additional bearish signals. Pi’s price appears to be forming a double-top pattern, accompanied by a weakening RSI. If it consistently falls below $1.46, it could lead to a deeper decline toward the lower boundary of the triangle.
On the other hand, if Pi manages to close above the upper boundary of the symmetrical triangle, it could shift sentiment in favor of the bulls, increasing the chances of further gains.
The charts are tightening, and pressure is building—whichever side gives way first could dictate Pi’s next big move.
Pi Coin consolidates in a symmetrical triangle. A close above resistance is bullish, while a bearish RSI signals potential downside risk.
Pi Network gained 8% and topped Coingecko’s trending list due to rising speculative interest and key technical price movements.
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