Pi Network (PI) Price Skyrockets After Being Listed on the Stock Exchange

The price of Pi Network (PI) hit a record low of $0.40 on April 5.

After that, the price started to recover and showed signs of a potential breakout in May, fueled by rumors of a listing on Binance.

As predicted, PI finally experienced a breakout last week and rose by 130%, touching an important resistance level of $1.40.

This area is crucial in determining the future direction of price movement.

This article will further look at the PI price movement to see if the breakout can continue and drill down to the next target.

Pi Coin Price Prediction: PI Price Touches Resistance Area

In the daily time frame chart, it can be seen that the price of PI has been on the rise since hitting an all-time low of $0.40 on April 5.

Read also: Pi Network Soars to $1, Outperforming Litecoin and Bitcoin Cash!

During this upward phase, PI printed its first higher low on May 8 and managed to break the $0.75 resistance level the next day, which accelerated its upward trajectory.

As of May 12, the Pi Network price reached a high of $1.30, which is very close to the crucial resistance of $1.40.

This $1.40 area is both horizontal resistance and Fibonacci resistance. If the price is able to break this level, PI has the potential to set a new price record.

Technically, there are no clear signs of weakening. The RSI (Relative Strength Index) and MACD (Moving Average Convergence/Divergence) indicators are still showing an upward trend.

Although both indicators are in the overbought zone, there is no bearish divergence indicating a local top in the near future.

Nevertheless, the $1.40 area could potentially trigger a short-term correction. Let’s take a look at the chart with a lower time frame to analyze the possibility.

What’s Next for PI?

Analysis on the 6-hour time frame shows that the Pi Network price has successfully broken out of the symmetrical triangle pattern and is now testing the area as valid support .

The breakout of this triangle pattern occurred before the price broke the $0.75 resistance, and was the main trigger for the rapid price surge.

Although the market is currently in an overbought condition, the technical indicators are yet to show signs of weakening – similar to what is seen on the daily time frame.

In addition, wave count analysis in the graph shows that PI is in an elongated third wave, supported by the sub-wave structure (in black).

According to this calculation, the price is currently inside an extended wave three, which is expected to take PI to the 0.618 Fibonacci retracement resistance area around $2.

While there is a possibility of a short-term correction as part of sub-wave four, this correction is expected to be shallow and soon followed by a bounce to higher levels.

Pi Coin Price Prediction: PI Ready for $2?

Pi Network prices are recovering after falling to an all-time low in April.

Read also: 3 Crypto to Watch This Week: Ethereum, Pi Network, and Solayer!

Currently, PI has successfully broken both short-term and long-term resistance, confirming a trend reversal.

Based on the latest analysis, the price of PI is expected to reach $2, although there is a possibility of a short-term correction before continuing to rise to that target.

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