Pi Network (PI) Breakout Confirmed, Eyeing Upward Move Towards $1.50
- Pi Network struggles to hold support, down 32% in a week despite the market rally.
- Price drops 12% in 24 hours, trading at $0.7915, signaling further decline.
- Trading volume jumps 52%, indicating increased activity despite the dip.
- Breakout from the falling wedge could push PI toward $1.22 and $1.50 if momentum holds.
Pi Network (PI) is on a downward trend despite the overall market riding the bullish wave and experiencing a surge in its value. PI is struggling to hold its support level and facing huge selling pressure. Over the past week, PI is significantly down by almost 32%, while several altcoins and meme coins surged significantly with the recent uptick of Bitcoin that propelled altcoins to gain their lost ground.
However, over the last 24 hours, PI is down by 12% and currently trading at $0.7915, showing signs of further decline. Despite this setback, PI trading volume is showing positive activity and increased by 52% in the last 24 hours.
Pi Network (PI) Breaks Out, Eyeing $1.50 Mark
Looking at the broader market phase, if history repeats, the crypto market is at the front of a massive uptrend of this BULL RUN, which would be really good for the overall crypto industry, including Pi. Therefore, a run like this would get Pi Network to new highs, pouring in new people into the project, new capital, users, and more demand in general.
From the technical point of view, PI Network PI has broken out from the falling wedge. This pattern, often considered bullish, forms when an assets price consolidates between two downward-sloping, converging trendlines. Despite consistent lower lows and lower highs, the narrowing price range points to decreasing volatility.
If price holds the trendline as support, it can push toward the first resistance level at $1.22. However, with bullish momentum, if bulls surpassed and turned this level into support, PI could see a test of $1.50 resistance.
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Read more: https://www.tronweekly.com/pi-network-pi-breakout-confirmed-eyeing-upward-move-towards-1-50/
Text source: TronWeekly
