- Pi Network (PI) has surged 160% from its April low, breaking key resistance levels and reigniting bullish momentum amid Binance listing rumors.
- While a brief consolidation is possible, technical indicators and wave analysis suggest a move toward the $2 mark is likely.
The Pi Network (PI) price has shown a remarkable turnaround in recent weeks. This turn of events came by after a sharp decline earlier this year. After spiking shortly after its initial listing, the price of PI plummeted by 85%, bottoming out at a new all-time low of $0.40 on April 5.
However, this was not meant to last, the coin has since regained its footing and started to build momentum, bolstered in part by speculation surrounding a potential Binance listing as we earlier reported.
On May 8, PI formed a higher low and broke above the $0.75 resistance zone the next day, a key move that accelerated its upward trajectory. The breakout culminated in a 130% surge that took the PI price to a local high of $1.30, just shy of the crucial $1.40 resistance level, which aligns with both horizontal resistance and the 0.382 Fibonacci retracement level.
The $1.40 resistance zone is proving to be a pivotal battleground for PI’s price action. A clean breakout above this area would not only confirm the bullish trend but also pave the way toward new all-time highs.
At the time of writing, technical indicators remain supportive. The daily Relative Strength Index (RSI) is in overbought territory but shows no bearish divergence, indicating continued bullish strength. Similarly, the Moving Average Convergence Divergence (MACD) is trending upward, reinforcing the likelihood of further upside.
Short-Term Consolidation Likely
Despite the bullish indicators, a temporary pullback cannot be ruled out. The six-hour time frame shows that PI recently broke out of a symmetrical triangle pattern and successfully retested it as support. This breakout served as the launchpad for the move past $0.75 and may now prompt a brief consolidation before further gains.
While overbought conditions persist, both the RSI and MACD remain strong, with no immediate signs of bearish divergence. A shallow correction could provide an opportunity for bulls to regroup before targeting higher levels.
Wave Count Hints at $2 Target
From an Elliott Wave perspective, PI appears to be in an extended third wave,69.99 typically the most powerful in a five-wave sequence. Sub-wave analysis supports this view, suggesting that the next logical target lies at the 0.618 Fibonacci extension, which aligns with the $2 price level.
Even if a minor correction occurs in the near term, the broader technical structure implies that new highs are on the horizon. If PI can decisively break above $1.40, the path to $2 becomes significantly clearer.
After a brutal drop to an all-time low in April, Pi Network has staged an impressive recovery. With a 160% gain from the bottom and multiple resistance levels now flipped into support, PI looks poised for further growth.
While a short-term retracement may occur, the overall trend remains bullish — and $2 is firmly in sight.