Jakarta, Pintu News – Pi Network is starting to show signs of revival after several months of decline, with prices breaking through the diagonal resistance line.
This move occurred soon after the price hit an all-time low and started to form the first higher low pattern, which is an early indication of a potential trend reversal. With technical indicators and wave patterns starting to point towards an uptrend, the PI could potentially be setting itself up for a significant recovery.
Daily price analysis (11/17) shows that Pi Network has finally managed to break through the diagonal resistance that has been holding since the all-time high. PI’s previous decline bottomed out at $0.153 on October 10, but the trend then began to reverse.
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After forming a number of higher lows and failing to break resistance several times, PI finally crossed the trend line yesterday, and now the price is trying to confirm the breakout.
As this trend line has been in place for quite some time, a break above it will most likely prompt a sustained rally towards the next resistance level at $0.50.
Momentum indicators support this positive projection. The Relative Strength Index (RSI) is starting to break the 50 level from below, and the MACD indicator is approaching the positive zone. Thus, PI’s downward phase is likely over, and the price could potentially start a rally towards the next resistance at $0.50.
The long-term wave count in line with PI’s price action strengthened, reinforcing the validity of the breakout.
Based on this analysis, PI has completed a five-wave descent pattern (in red), where the fourth wave forms a symmetrical triangle-a common pattern in these structures.
If this calculation is correct, then the low on October 13 marks the end of the five-wave down pattern and the beginning of the up phase. The next price increase is likely to be within the A-B-C structure formed inside the ascending parallel channel.
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With that assumption, PI is currently near the channel’s lower trend line, so a significant bounce is likely in the near future, marking the end of wave B. The channel’s resistance trendline is around $0.50, in line with the price target on the daily time frame.
If this breakout manages to hold, Pi Network’s price has the potential to continue rising towards the next major resistance level around $0.50. Both the wave structure and channel pattern indicate that PI has likely bottomed out and is preparing for its next phase of upside.
The momentum indicators are showing improvement, the breakout process is underway, and the buyers are currently in control. As long as PI stays above its breakout trendline, the upside projection still has a great chance of materializing.
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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