Recent analysis reveals that Pi Coin (PI) is showcasing a symmetrical triangle formation in its price trajectory, indicating a potential upward breakout. Technical analysis, bolstered by Fibonacci levels and the Relative Strength Index (RSI), suggests that significant price movements could be on the horizon.
What Are the Current Price Levels for Pi Coin?
Examining the hourly chart, Pi Coin is currently experiencing consolidation within this triangle pattern, following a robust bullish movement. According to Elliott Wave Theory, this could signify the fourth wave of an upward trend, with a breakout possibly marking the onset of the fifth wave.
What to Expect in the Short Term?
At present, Pi Coin is testing the 0.5 Fibonacci retracement at $1.46 for support, while facing resistance at $1.79. A breakthrough above the triangle’s upper limit could lead to price targets in the $1.87 to $1.90 range, based on Fibonacci extensions.
Currently, the RSI indicates a neutral stance, confirming a lack of extreme market pressure. Sustaining a price above $1.46 is crucial for maintaining a bullish outlook; otherwise, the market may test the 0.618 Fibonacci level at $1.13, threatening the bullish perspective.
– Immediate resistance is at $1.64 (1.0 Fibonacci extension).
– Key resistance is at $1.72 (1.618 Fibonacci extension).
– Critical resistance is at $1.79 (0.382 Fibonacci retracement).
– Immediate support lies at $1.57 (0.5 Fibonacci retracement).
– Significant support is at $1.50 (structural support).
– Critical support is at $1.46, which could invalidate the bullish scenario.
If Pi Coin sustains above $1.50 and breaks the triangle’s upper boundary, upward targets of $1.87 or more may be plausible. However, falling below $1.50 could start a bearish trend.
