Date: Mon, March 03, 2025 | 01:43 PM GMT
Since the launch of its mainnet on February 20, Pi Network (PI) has remained in the spotlight, delivering an impressive performance despite broader market fluctuations. The token saw a remarkable rally from a low of $0.60 to a peak of $2.99 on February 26, marking an almost 400% surge.
However, after hitting this high, PI entered a healthy correction phase, shedding over 40% and stabilizing around the $1.74 level while holding a crucial support zone.
Symmetrical Triangle Formation
On the 2-hour chart, PI is currently consolidating within a symmetrical triangle pattern, a technical setup that often precedes a breakout in either direction. The recent rejection from the upper descending trendline at $2.99 triggered the ongoing correction, pushing the price down to the ascending support trendline at $1.51.
Despite this pullback, PI has successfully held this support and rebounded to the $1.73 range. If this momentum sustains, PI could retest the upper trendline of the triangle around $2.58, where a decisive breakout may occur. A successful breakout from this formation could trigger a bullish rally, with potential upside targets between $4 and $4.50.
The MACD indicator is beginning to show signs of a potential reversal, hinting at increasing bullish momentum. If the MACD line crosses above the signal line, it could further validate a positive trend shift for PI.
What’s Ahead?
For now, PI has managed to hold a key support level, and a strong bounce from this zone could fuel a breakout rally. Additionally, speculation about a potential Binance listing and Pi Network’s 6th anniversary celebration on Pi Day (March 14) are generating excitement within the community. These upcoming events could act as catalysts for further price appreciation.
As traders and investors anticipate the next move, all eyes remain on whether PI can break through resistance and initiate another significant rally. However, a failure to hold this support trendline could lead to increased selling pressure, potentially pushing the price toward the $1.51 or even lower levels.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.