- Pi Network (PI) consolidates near $0.4925, with bulls eyeing a potential breakout amid fading selling pressure.
- The rising market sentiment and altcoin season could spark capital inflows into Pi Network.
- Pi Network’s trend reversal hinges on breaking the $0.45 resistance, with support at $0.37 if it declines further.
Pi Network (PI) is consolidating near current prices of $0.3925 on Thursday, maintaining a wider-range to the downside of what has been a falling channel. After a sharp decline of 9.32% on Sunday, PI bulls are anticipating the next leg higher.
Source: CoinMarketCap
This high ride has extended to the wider crypto market, which had a record value of the current price at $4.15 trillion. Such an increase has resulted in an exuberant risk-on, which has been driving the rise of Bitcoin (BTC) and altcoins. There has been increasing expectation of an altcoin season as the mood in the market shifts. This may trigger interest in PI, potentially leading to an inflow of capital.
Also Read: PI Coin’s Bullish Potential: Can It Overcome Resistance and Reach $0.50?
Pi Network Eyes Breakout as Sentiment Soars
The spirits of the investors are higher. The investor greed index on has increased to 73, up from 73 the previous day. This increase in greed depicts the heightening confidence in the market. Bitcoin and leading altcoins are also at new highs, and this sentiment change may even cause more money to move into riskier and more volatile ventures such as PI.
Source: Alternative.me
Pi Network is presently caught in a descending channel formation. The token has not been able to breach the overlying trendline, which is composed by the highs on 21st May and 25th June. Such a price movement indicates that the trend going on is downward. Yet there is some support in the lower limit of the channel formed by the lows of May 17 and June 22.
To reverse the trend, PI has to crack above the upper trendline. This line is close to the 50-day Exponential Moving Average (EMA) at $0.45, which is in the process of declining. In case the token overcomes that opposition, it would mark the start of an uptrend. Trending like this would be the first signal of a breakout of such a falling channel.
Although the Moving Average Convergence Divergence (MACD) insinuates a positive trend, the Relative Strength Index (RSI) of PI is still in a neutral zone with a figure of 47. The RSI gives an indication that there is an absence of buying interest, but selling pressure is easing.
Source: TradingView
Pi Network’s Path: Key Support and Diverging Forecasts
In case of the further decline, Pi Network may approach the support level of $0.37. The further fall would place the token at the price of the low of August 6: the 0.33 price mark. Such support levels are essential in deciding whether the price is to remain steady or lower further.
Looking ahead, price prediction websites indicate varying forecasts for the Pi Network. ConiLore forecasts that in 10 days, PI may rise to $0.4145. The platform also predicts a future price as long term as 2025, and then the price will be at 2.26.
Source: CoinLore
It shows that Pi Network has great potential for growth in the coming few years. Conversely, CoinCodex indicates that the Pi Network might fall to $0.318788 the contrary to the prevailing bullish condition.
The price action of Pi Network is stable around the mark of 0.40 and can potentially go both up and down. The next few weeks will be key to breaking the impasse and setting the stage for the greater rally of PI.
Also Read: Pi Network Expands to 65 Million Users as Pi Coin Faces Market Pressure
