Pi Network (PI) Price at $0.73 Takes a Small Breather

Despite the pause, as PI coin price stands on the verge of a key pattern breakout. Favoring the upside chances, whale accumulation and adoption surge hints

Pi Network (PI) price showed a small 2% decrease in the last 24 hours, trading at $0.73 at the time of writing. The small setback comes after two days of a 30% bull run that saw PI coin increase from $0.54 to $0.71.

The slight decline in price comes as the cryptocurrency market continues to recover, with tokens like PI capitalizing on the increased momentum. Between May 8 and 9, Pi Network’s token price formed two bullish engulfing candles, marking the 30% rally.

At present, the Pi coin price aims to reclaim $1 as multiple factors support optimistic Pi Network forecasts. So, let’s a closer look at the three reasons why Pi’s token price could jump 100% this week.

Adam and Eve Pattern Breakout Targets $1.54

The cryptocurrency market is rising again and tokens like PI are capitalizing on the increased momentum. As of the last 24-hour price movements, Pi Network (PI) price dropped 2% despite the broader market recovery.

The coin price movements come as the token is showing promise of a strong return, forming an Adam and Eve pattern in the 4-hour price chart. The V-shaped reversal in Pi’s coin price from $0.40 to $0.77 is known as Adam and follows the rounding reversal as Eve. The neckline remains constant at $0.77, acting as the key immediate hurdle.

According to technical analysis, the breakout target is evaluated by adding the V-shaped reversal’s depth to the breakout level. In this case, the lower point of the pattern is $0.40, while the neckline acts as the breakout level, measured at $0.77.

Adding the two prices and considering the potential breakout at the neckline, we arrive at $1.17. As the chart shows, the Fib 1.618 level of the Adam part of the pattern is around $1.54, which is in close proximity to the breakout target.

The 50 and 100 Exponential Moving Averages (EMA) provide a crucial bull signal with their positive crossover. Moreover, the 4-hour Relative Strength Index (RSI) has crossed into the overbought territory, highlighting the potential for further price increases.

However, a bearish scenario might unfold if the bulls fail to break above the $0.70 zone. In such a case, Pi’s coin price might drop to the 200 EMA at $0.69. Furthermore, a breakdown below $0.69 will nullify the bullish pattern and could retest the 50 EMA at $0.6414.

Is Binance Acquiring PI Coins Ahead Of Listing?

The cryptocurrency market continues to recover, with tokens like PI capitalizing on the increased momentum. Among the tokens displaying promising price action is Pi Network’s token, which is showing signs of a 100% rally this week.

Following a 30% rally that saw PI coin increase from $0.54 to $0.71 between May 8 and 9, the coin’s price faced rejection at the $0.74 mark. Despite the rejection, the technical indicators are flashing bullish signals, potentially setting the stage for a continuation of the uptrend.

As the dust settles on the recent price movements, we can identify three key factors that suggest the price of Pi token could at least double from here.

Adam and Eve Pattern Breakout Targets $1.54

The cryptocurrency market is rising again and tokens like PI are capitalizing on the increased momentum. As of the last 24-hour price movements, Pi Network (PI) price dropped 2% despite the broader market recovery.

The coin price movements come as the token is showing promise of a stronger return, forming an Adam and Eve pattern in the 4-hour price chart. The V-shaped reversal in Pi’s coin price from $0.40 to $0.77 is known as Adam and follows the rounding reversal as Eve. The neckline remains constant at $0.77, acting as the key immediate hurdle.

According to technical analysis, the breakout target is evaluated by adding the V-shaped reversal’s depth to the breakout level. In this case, the lower point of the pattern is $0.40, while the neckline acts as the breakout level, measured at $0.77.

Adding the two prices and considering the potential breakout at the neckline, we arrive at $1.17. As the chart shows, the Fib 1.618 level of the Adam part of the pattern is around $1.54, which is in close proximity to the breakout target.

The 50 and 100 Exponential Moving Averages