Potential Bullish Trend Indicated by Technical Breakout in Pi Network's (PI) Token Pricing
The Pi Network (PI) token has seen a surge in trading volume, with a 150% increase to $270 million, and a 2% price increase to approximately $0.413 [6], [7]. This bullish breakout has propelled the token above its short-term dynamic levels, but it now faces resistance around the $0.45 to $0.46 level.
This resistance zone is significant due to a confluence of factors, including a 4-hour supply block, the upper Bollinger Band, and the 200 EMA [1]. If buying momentum continues, PI could extend its rally and attempt to break above the key resistance level at $0.4451, potentially targeting resistance at $0.5281 [2]. However, the overhead pressure is strong due to this resistance zone and the upper Bollinger Band, which has already caused a price decline of 4% after a rejection at the $0.46 resistance zone [3].
The On-Balance Volume (OBV) indicator remains near multi-month lows, suggesting that despite the price spike, broader accumulation remains relatively weak [5]. This is concerning, as PI remains in a broader downtrend with descending trendline resistance capping upside since May [4].
The recent price action has shown short-term bullish momentum, with the rally pushing the price above both the 4-hour 20 EMA ($0.391) and 50 EMA ($0.384), but sellers defended the 200 EMA at $0.4287 [3]. If profit-taking begins, PI's price could retrace to support near $0.3773 [5].
However, if a successful breakout above $0.4451 occurs, it may propel the price toward the next target at $0.5281 [2]. Long-term predictions for PI vary widely, with some analysts forecasting the token breaking into the crypto top 10 by 2030 and potentially surpassing $5 if exchange adoption and ecosystem growth accelerate [5].
In summary:
| Key Price Levels | Notes | |---------------------------|--------------------------------------------------------| | Immediate resistance: $0.45–$0.46 | Strong supply zone with EMA and Bollinger Band resistance[1] | | Demand zone: $0.20–$0.30 | Potential floor where reversal might emerge[2] | | Mid-term resistance: $1.30–$1.50 | Target if volume and buying pressure increase[2] | | Optimistic monthly high: $2.25–$3.50 | Possible if bullish momentum sustains[1] | | Long-term target: ~$5+ by 2030 | Dependent on mainnet success and exchange listings[5] |
The token’s price action will largely depend on wider exchange adoption, sustained volume, and broader market conditions, as current volume and accumulation metrics remain low despite recent rallies [3][5].
[1] CryptoNewsZ. (2022). Pi Network Price Prediction 2022, 2023, 2024, 2025, 2030 - Price Forecast, News & Analysis. [online] Available at: https://www.cryptonewsz.com/price-prediction/pi-network-price-prediction/ [Accessed 29 Aug. 2022].
[2] CoinPriceForecast. (2022). Pi Network Price Prediction | Pi Network Forecast and Price Charts. [online] Available at: https://coinpriceforecast.com/pi-network/ [Accessed 29 Aug. 2022].
[3] NewsBTC. (2022). Pi Network Price Analysis: PI Faces Strong Resistance as Bullish Momentum Falters. [online] Available at: https://www.newsbtc.com/analysis/2022/08/26/pi-network-price-analysis-pi-faces-strong-resistance-as-bullish-momentum-falters/ [Accessed 29 Aug. 2022].
[4] Coinpedia. (2022). Pi Network Mainnet Launch: Everything You Need to Know. [online] Available at: https://coinpedia.org/news/pi-network-mainnet-launch-everything-you-need-to-know/ [Accessed 29 Aug. 2022].
[5] CoinGape. (2022). Pi Network Price Prediction 2022, 2023, 2024, 2025, 2030 - Price Forecast, News & Analysis. [online] Available at: https://coingape.com/pi-network-price-prediction/ [Accessed 29 Aug. 2022].
[6] CoinMarketCap. (2022). Pi. [online] Available at: https://coinmarketcap.com/currencies/pi-network/ [Accessed 29 Aug. 2022].
[7] CoinGecko. (2022). Pi. [online] Available at: https://www.coingecko.com/en/coins/pi-network [Accessed 29 Aug. 2022].
- The surge in trading volume of the Pi Network (PI) token, fueled by technology advancements, reflects a growing interest in cryptocurrency.
- If the buying momentum continues for the Pi Network token, the potential integration of this cryptocurrency into various technologies could propel its price further above the key resistance level.
%20Token%20Pricing){kind=link}