Date: Wed, March 12, 2025 | 03:55 AM GMT
The cryptocurrency market is showing a slight recovery after experiencing a sharp downtrend over the past 7 days, during which Ethereum (ETH) declined by over 13%, adding strong pressure across the altcoin market.
Amid this downturn, Pi Network (PI) has also faced a 18% drop over the past week. However, PI is showing early signs of a rebound, gaining an impressive 6% today after holding a critical support level.
Holding Key Support
The 4-hour PI/USDT chart indicates a symmetrical triangle pattern. The recent weekly drop occurred after PI failed to sustain support at the trendline and the 20-day moving average (MA) at $1.88 (marked in red circle). This breakdown triggered a downward move, bringing the price to test the ascending support trendline of the triangle pattern.
After testing the support level around the $1.33 range, PI has rebounded to $1.46, crossing above the 20-day MA, which is now acting as a crucial support level (marked in green circle). As long as PI holds above this support, there remains a strong possibility of a rebound toward the descending resistance of the triangle, which is positioned around the $1.98-$2.00 range.
However, if PI fails to maintain this support level, further decline is likely. The next significant support zone is around the $0.70 range, which could act as a safety net in case of additional selling pressure.
The MACD indicator is displaying early signs of stabilization, suggesting that selling pressure might be weakening.
Is a Rebound Possible Ahead?
Currently, PI has demonstrated strong resilience at the ascending support trendline, and the 20-day MA is acting as a crucial support. If upside momentum continues, PI could be on track for a breakout, aiming for the $2.00 range. However, a further breakdown below the support level could lead to a sharper decline.
One potential catalyst for recovery is the increasing speculation surrounding a possible Binance listing. Binance recently shifted to a community-based listing mechanism, and PI has gained significant traction in community voting.
If a listing announcement is made, it could drive renewed investor interest and buying pressure, potentially fueling a strong rebound.
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