Pi Network (PI) Holds Key Support – Could This Lead to a Major Breakout Rally?
Since the launch of its mainnet on February 20, Pi Network (PI) has remained in the spotlight, delivering an impressive performance despite broader market fluctuations. The token saw a remarkable rally from a low of $0.60 to a peak of $2.99 on February 26, marking an almost 400% surge.
However, after hitting this high, PI entered a healthy correction phase, shedding over 40% and stabilizing around the $1.74 level while holding a crucial support zone.
Symmetrical Triangle Formation
On the 2-hour chart, PI is currently consolidating within a symmetrical triangle pattern, a technical setup that often precedes a breakout in either direction. The recent rejection from the upper descending trendline at $2.99 triggered the ongoing correction, pushing the price down to the ascending support trendline at $1.51.
Pi Network (PI) 2-H Chart/Coinsprobe (Source: Tradingview)
Despite this pullback, PI has successfully held this support and rebounded to the $1.74 range. If this momentum sustains, PI could retest the upper trendline of the triangle around $2.58, where a decisive breakout may occur. A successful breakout from this formation could trigger a bullish rally, with potential upside targets between $4 and $4.50.
The MACD indicator is beginning to show signs of a potential reversal, hinting at increasing bullish momentum. If the MACD line crosses above the signal line, it could further validate a positive trend shift for PI.#GPSonBinance $BTC $ETH
