Pi Network’s native token PI is approaching a key resistance zone near $0.24 as traders monitor whether the asset can extend its rebound from the $0.129 low.
Crypto analyst Crypto Sat (@cryptosatred) noted in a post on X that the token’s price structure is beginning to show signs of a developing bullish trend.
TradingView charts reveal that the current price of PI is trading near $0.234, a rise of about 2.5% over the last 24 hours. The token is attempting to regain a prior support zone ($0.235-$0.238), which has now become a new resistance zone.
The price action here will determine whether the Pi Network price continues upward out of the current downtrend. It could also trigger another slight pullback if the resistance holds.
Source: X
Pi Network Price Rallies from $0.129 Low
Pi Network recently formed higher lows with stronger volume and bullish candle formations. This suggests the first signs of buyer interest since the downward trend began.
According to analysis shared by Crypto Sat, the structure of the token’s rally from a low of approximately $0.129 created a recovery pattern that is now testing a major resistance band.
Before the previous market breakdown, this new resistance area was formerly a support zone and was a key decision area for traders.
TradingView technical indicators show that the price of Pi Network is currently above its 50-period Exponential Moving Average. Additionally, the RSI is heading towards the bullish region, indicating that the token’s market momentum is improving.
Source: TradingView
Also Read | Pi Network (PI) Surges 60%: Bullish Momentum Signals Potential $1 Target
Decision Points for Traders
If the Pi Network price surpasses the $0.240 resistance point, then there could be rapid expansion in the token’s momentum. This is because there is little resistance that could prevent the token’s climb to the next price level.
If this happens, the next levels of potential upside for the token are $0.25, $0.26, $0.28, and even $0.30. On the other hand, a failure to push past the resistance could trigger a pullback down to the $0.22 level. This would likely provide a second chance for the token to form a structural retest before any attempts to move higher.
As long as the price of Pi stays above the $0.21 level, it will be difficult for sellers to gain traction and cause a continued downtrend. However, any sustained price drop below $0.21 would indicate weakness in the current bullish market structure. This could kickstart a continued downward trend.
Speculative Hype Surrounding Pi Day
An additional element attracting attention is March 14th, referred to as Pi Day. There are several events related to Pi Day that typically attract additional social interaction within the Pi community. These events also generate additional speculative activity around the Pi Network token.
Although events like Pi Day don’t necessarily mean a price increase for the Pi coin, they draw more attention to the project. If the price breaks above the resistance zone, it could cause a short-term momentum for the token.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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