Date: Sun, May 18, 2025 | 06:10 AM GMT
The cryptocurrency market this week has been filled with sharp moves, and one token drawing major attention is Pi Network (PI). Earlier this month, speculation around a major announcement by the Pi Core Team sent the price soaring, only to be followed by a steep correction after the actual news broke — a classic “Buy the rumor, sell the news” event.
On May 08, when the team hinted at a major ecosystem development, PI surged over 160% in just a few days, peaking at $1.66. However, after the $100 million venture fund was officially announced on May 14, the token tumbled sharply, losing 60% of its value.
Now, today PI is once again flashing bullish signals — climbing nearly 8% intraday — and this time, a key technical breakout may be signaling a real rebound in the making.
Source: Coinmarketcap
Falling Wedge Breakout Signals Potential Upside
On the 3-hour chart, PI had formed a falling wedge pattern, a bullish reversal structure that typically appears after a sharp price drop. The pattern emerged after the token’s steep correction from the $1.66 high, bottoming out around $0.66, where buyers re-entered the market.
With today’s bounce, PI has broken out of the wedge, accompanied by a bullish push above the 200-period moving average — a significant trend indicator that is now acting as fresh support.
Pi Network (PI) 3H Chart/Coinsprobe (Source: Tradingview)
From the current trading price of $0.75, the next key level to watch is the 100 MA resistance at $0.84. A successful close above this level would further validate the breakout, potentially fueling a continuation rally.
Key upside targets include:
- $0.96 – recent horizontal resistance
- $1.33 – mid-level resistance zone
- $1.66 – previous local high
These levels represent a potential 120% upside from current prices if momentum continues.
What’s Next for PI?
To sustain this bullish breakout, PI must hold above the 200 MA support and make a strong move past the 100 MA resistance at $0.84. Doing so would solidify the technical breakout and likely attract more traders looking to ride the next leg up.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before investing in cryptocurrencies.
