All eyes are back on Pi Network’s PI coin, as it vibes towards a breakout that could deliver a staggering 200% bull run. Could this be a comeback story of the year in crypto? The hype behind this sleeping giant is still persistent among the masses. Is it possible to see Pi coins trading near $2 again?
Despite lagging behind the rest of the market in the June rally, PI coin may be gearing up for a major price movement anytime. The token has been trading sideways around the $0.63 mark since later days of May.
Quiet Before the Storm?
While on a quick look Pi coin price may be trading sideways, but a close look at technicals shows multiple volatility indicators. These include Bollinger Bands and Average True Range (ATR), are flashing a rare convergence that typically precedes explosive price actions in cryptocurrencies.
The Bollinger Bands on the PI coin chart have contracted significantly, signaling tightest trading ranges. These narrow bands following a major price drop during the month of May can be considered as quiet before the storm. Narrow BB bands usually precede a major directional move, and PI coin recently surged over 175% after a similar setup in mid may by topping out at $1.66.
The Volume indicator shows a sharp rise during the first half of May, indicating increased price action. However, since then it has displayed a sideways price action, highlighting a cool-off period for the altcoin. It suggests a potential bullish reversal in the upcoming time.
Some analysts would agree, the PI coin is forming a textbook double bottom pattern with strong support at $0.58. The recent top of $1.66 would be the breakout neckline for the altcoin rally.
If this scenario happens, Pi Network’s token could rise to $1 soon, marking a 57% increase from current prices. It might then retest the $1.66 resistance level, marking a 160% gain from its current price. If it breaks out, a total rally of 200% is possible. So, the $2 milestone is just one good news away.
Technical Targets for PI Coin: The Road to $2
Based on the current price action and the trend, analysts are watching three critical resistance levels:
- $0.85: Immediate resistance required to cross to ignite breakout.
- $1.66: May 2025 rally’s peak, neckline of double bottom.
- $1.86: Long-term resistance, marking 200% uptick from current price.
Will Bulls Regain Control of PI Coin?
While many investors have been caught up in the noise of new tokens, Pi quietly holds a massive community base and a $4.69 billion market cap. In the last 24 hours alone, Pi coin has recorded a trading volume of $58.86 million. This shows that trades have not left the helm and if bulls take control, price can start to soar.
Even with a negative year to date return of 62%, Pi continues to capture market mindshare. According to Santiment, PI Network’s social dominance surged to 0.276%, its highest for the month. This increase in chatter often precedes rallies as crowd sentiment shifts.
To maintain the bullish narrative, Pi coin price needs to hold above its critical support at $0.54. A dip below this could invalidate the double bottom pattern. The Bear Bull Power (BBP) indicator shows a constant negativity in the price chart. Bears will try to dominate the market and try to even push down the price to $0.40.
Also Read: 200M Pi Network Tokens Removed from Liquidity Reserve
