The Pi Network price has been showing signs of potential growth ahead of Pi Day, which falls on June 28. Analysts suggest that the price may surge due to a slanted triple-bottom pattern, bullish divergence, and a Bollinger Bands squeeze, all of which indicate a possible breakout.
Additionally, Pi Network has seen a 20% price hike recently, holding support at $1.40, with speculation about a potential Binance listing fueling investor interest. Historically, Pi Day has been a catalyst for price movements, and this year seems to be no exception. However, some experts caution that the price remains speculative, and a correction could follow if no concrete announcements support the surge.
Pi Network Price Hits Crucial Support: A Major Rebound Ahead of Pi Day?
The Pi Network price has dipped to a significant support level this week, forming a distinctive chart pattern that suggests a potential surge as Pi Day approaches on June 28. This anticipated rebound could drive prices towards the psychological threshold of $1, or even touch $1.6638, its peak from last month.
Pi Network Price Technical Analysis: A Rebound Could Be in Play
The Pi Network remains under pressure amid the broader crypto market downturn, having slipped below the 50-period moving average on the eight-hour chart, an indication of prevailing bearish sentiment. However, several technical indicators hint at an upcoming bullish turnaround:
- A slanted triple-bottom pattern has formed, signaling a potential reversal.
- The MACD indicator suggests a developing bullish divergence.
- A Bollinger Bands squeeze hints at heightened volatility, which often precedes a breakout.
The Pi Network price has stabilized at a crucial support level, aligning with an ascending trendline that connects the lowest swings since April 7. This alignment confirms the formation of a slanted triple-bottom pattern, with its neckline positioned at $1.6638.
Typically, a triple-bottom pattern indicates short sellers’ reluctance to drive prices below a certain level, as it consists of three distinct lows and a neckline.
Additionally, the MACD indicator suggests a bullish divergence, a pattern seen when an asset’s price is declining while the MACD lines are trending upwards. Breakouts tend to occur when the two MACD lines cross the zero threshold, accompanied by rising trading volume.
Moreover, the MACD line spread has narrowed, indicating reduced volatility, often a precursor to a strong move in either direction. A previous Bollinger Bands squeeze in April and May resulted in a significant price breakout, suggesting a similar event could happen soon.
Pi Coin Price Targets
Should a bullish breakout materialize, Pi coin may rally to $0.8665, its highest swing on May 22. A further surge past this level could see prices reaching the critical $1 mark, representing an approximate 60% increase from its current position.
However, if Pi Network price slips below its support zone, it may invalidate the triple-bottom pattern, signaling a bearish continuation.
Pi Day Could Be a Key Catalyst
The upcoming Pi Day 2 on June 28, also known as Tau Day, could serve as a catalyst for renewed discussions surrounding Pi Network. The Pi Core Team might take this opportunity to unveil a significant network update, potentially influencing price movements.
Furthermore, the possibility of a major exchange listing for Pi Network could trigger a dramatic price surge, similar to Ravencoin’s recent 90% jump following its Upbit listing.
Pi Network has been under bearish pressure for months due to declining demand and increased token unlocks. However, its current technical formations, alongside the imminent Pi Day event, could mark the end of this consolidation phase, paving the way for a strong bullish breakout.
