Imminent surge in PI Network price prospects - Chances of breakout growth surge to 24%
In the cryptocurrency market, Pi (PI) is showing signs of a potential rally, according to technical analysis. The Money Flow Index (MFI) is heading towards the positive zone, indicating more liquidity within the market, and if it crosses into positive territory, it could signal a bullish trend for Pi.
Over the past month, Pi has lost 13% of its value. However, broader market conditions will influence whether and when this rally materializes. The community sentiment data suggests that Pi is likely to follow a bullish path, as when most market participants expect a bullish run, the probability of a rally rises, especially since these investors often drive liquidity higher.
The bullish structure of Pi’s cup-and-handle pattern predicts a potential price rally and gains. This pattern, visible on the 4-hour chart, suggests that after a slight decline within the handle, a breakout above the resistance level of the handle could trigger a rally. This potential rally is expected to be at least as large as the previous decline that formed the cup’s bottom, with forecasts indicating possible gains around 24% if Pi breaks the handle resistance and reclaims key price levels near $0.48.
The rounded "cup" formation indicates a period of consolidation where selling pressure decreases and buyers gradually regain control, while the smaller "handle" reflects a final minor pullback or pause, often viewed as a shakeout before the price breaks out strongly on increased volume. When the price finally breaches the resistance zone formed by the cup’s rim, it often leads to a strong buying surge and continuation of the uptrend.
The Moving Average Convergence and Divergence (MACD) indicator is currently in negative territory with the Signal Line below the blue MACD line. However, the histogram's shift from thick to light orange suggests that selling volume may be fading and buyers might be stepping in gradually. This could add to the bullish momentum and increase the potential for a significant price upswing in the coming days.
At press time, 82% of 4.2 million investors are expecting a rally soon for Pi. If a breakout above the higher resistance level occurs, Pi could potentially see gains of 24%. However, it's essential to remember that market conditions and broader trends will play a significant role in determining whether and when this rally materializes.
Sources: [1] Investopedia. (n.d.). Cup-and-Handle Pattern. Retrieved March 15, 2023, from https://www.investopedia.com/terms/c/cupandhandle.asp [2] CoinMarketCap. (n.d.). Pi Price Prediction. Retrieved March 15, 2023, from https://coinmarketcap.com/currencies/pi/forecast/ [3] TradingView. (n.d.). Pi (PI) Technical Analysis. Retrieved March 15, 2023, from https://www.tradingview.com/symbols/PIUSD/technical-analysis/
- Despite Pi's recent 13% loss, the potential rally for Ethereum's sibling cryptocurrency, Eth (ethereum), is being speculated, as indicated by the bullish structure of its cup-and-handle pattern.
- The cup-and-handle pattern, similar to Solana's (a popular cryptocurrency) potential growth trajectory, predicts a potential price rally and gains for Pi, with forecasts suggesting possible gains around 24%.
- As revealed by the MFI's movement towards the positive zone and the change in the histogram's color from thick to light orange on the Moving Average Convergence and Divergence (MACD) indicator, there might be a decrease in selling volume and a potential influx of buyers for various cryptocurrencies, including Pi, contributing to a bullish trend in the crypto finance market.
