Pi Coin Price Escapes Downtrend – Is $1 the Next Stop?

Pi Coin is still the hot topic in crypto despite horrible price action after hitting all-time high of $2.98 in late February.

Pi Coin is still the hot topic in crypto despite horrible price action after hitting all-time highs of $2.98 in late February.

However, in the last 24 hours, there has been some positive news for Pi Coin holders. The token has pumped 40% from all-time lows and is now trading around $0.65.

Pi Network’s token has been trapped in a well-defined descending channel on the 4-hour timeframe, which is usually a bearish technical formation.

This channel, with its upper and lower boundaries, has contained Pi’s price movement during its prolonged decline from February highs.

Recently, Pi Coin bounced back from $0.40, which seems to be its lowest price ever. This bottom level provided support and helped to stall the ongoing price drop.

Now, Pi has managed to break out of the upper trendline of its downward channel, which could be a signal that the downtrend is finally ending or at least pausing.

The RSI indicator is now at 52.13, which is slightly above the middle point of 50. This indicates that buying momentum is slowly increasing but not yet in the overbought territory, which could allow for further price gains.

After breaking out of the channel, the Pi Coin chart analysis suggests the next price target is at $1.0056. This price level coincides with the point where Pi encountered resistance in mid-March, making it a logical goal for the ongoing rally.

If Pi moves from $0.64 to just over $1, it represents a potential 56% rally from current levels.

Traders should keep an eye on these crucial price points:

If Pi manages to sustain itself above the breakout point, it could continue towards the Fib 1.238 at $0.91.

If the breakout fails and the price drops back below the upper trendline of the channel, it could indicate weakness, and sellers might return to push the price lower.

After a breakout, it’s common to see a test of the breakout level, which in this case is around $0.58-$0.60. This retest doesn’t necessarily negate the uptrend and is a natural occurrence.

It’s important to note that chart analysis provides only part of the picture. Overall market trends, news regarding Pi Network’s development, and new exchange listings will also play a role in determining whether Pi Coin can reach the $1.0056 price target.

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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