- PI’s chart shows a bullish falling wedge breakout, marking a strong trend reversal and suggesting a 72% surge toward highs near the $3 level.
- A sharp volume surge during the breakout confirmed bullish momentum, while lower pre-breakout volume indicated a clear setup preceding strong upward moves.
- EMA support combined with an ascending trendline confirmed the bullish setup, as testing near key levels signals continued strength in $PI’s uptrend.
Technical analysis of Pi Network ($PI) reveals a bullish falling wedge breakout that signals a potential reversal. A tweet by JAVONMARKS supports a move toward previous highs near the $3 mark. The chart shows price consolidation that transitions into a strong upward breakout.
Falling Wedge Pattern Analysis
Crypto analyst JAVONMARKS tweeted that $PI has shown a bullish falling wedge breakout. His tweet noted the potential for a major run with over a 72% increase back toward the $3 mark. The breakout occurred when the price moved sharply above the wedge’s upper resistance line. This behavior mirrors classic bullish reversal formations observed by seasoned traders.
The chart displays a clear falling wedge pattern. Price formed lower highs and lower lows while converging toward the wedge’s apex. The pattern suggests a reversal from the prior downtrend. The structure sets the stage for renewed upward movement when confirmed by a breakout.
Volume and Resistance Levels
Volume surged during the breakout, lending strength to the upward move. Trading activity increased significantly when the price broke out, which is typical for falling wedge patterns. A decline in volume preceded the breakout, as buyers built momentum before entering the market. The volume behavior supports the observed price action in the pattern.
The lower wedge boundary acted as support between $1.20 and $1.30. Resistance levels appear near $1.80 to $2.00, aligning with previous price reactions. A higher resistance zone is identified between $2.40 and $2.50, where sellers once entered the market. These levels are key areas for traders monitoring $PI.
EMA Support and Short-Term Trend
The price has maintained a short-term uptrend with higher lows along an ascending blue trendline. After a consolidation period, the price moved above the 50 EMA at $1.6143, indicating upward strength. This trendline acts as dynamic support during the current move.
The price now tests the trendline for support near $1.6472. Sustained support could drive the price toward resistance levels near $2.00. The analysis relies on chart patterns and volume to identify critical levels in $PI trading. At the time of writing, PI was priced at $1.65.
