Pi Network (PI) Price Has Signaled the Onset of a Fresh Bull Run

After consolidating in a symmetrical triangular pattern earlier this week, the Pi Network (PI) price has signaled the onset of a fresh bull run.

The large-cap altcoin, which has a fully diluted valuation of about $18.8 billion and a 24-hour average trading volume of around $935 million, moved up over 11 percent in the past 24 hours to retest a crucial resistance level of around $1.72.

Although the Open Mainnet is still in its infancy stage of mainstream adoption, the Pi network has remained relevant against all odds. Moreover, Pi coin has been the top trending digital asset on Coingecko for the past few consecutive days.

As Coinpedia previously stated, Pi Price has been battling with bearish sentiment in the past two weeks as early adopters accelerate profit-taking. Moreover, early adopters of the Pi network, currently amounting to over 60 million, have been waiting for the token listing for the past six years.

However, Pi price flashed a bullish signal after rebounding over 11 percent in the past 24 hours to retest the neckline of a prior head and shoulders (H&S) pattern. From a technical analysis standpoint, Pi price must consistently close above the resistance level around $1.8 to invalidate further market correction.

Furthermore, the four-hour Relative Strength Index (RSI) rebounded from the 70 percent level earlier today and dropped to 58 percent at the time of this writing.

However, if Pi coin consistently closes below the resistance level around $1.8, a macro reversal pattern will be confirmed with a midterm target of around $1.2 in the coming weeks.