Pi Network Keeps Users Hopeful As Bullish PI Coin IOU Patterns Read CoinChapter.com on Google News

LUCKNOW (CoinChapter.com)—Despite the Pi Network’s ambitious promises of decentralization and a global financial revolution, the team seems to have most consistently succeeded in keeping its users on edge.

As the KYC submission deadline looms, many users are grappling with a baffling series of technical issues, ranging from unresponsive password resets to network-specific message failures. One might expect the Pi Network team to step in and address these concerns head-on.

However, those expectations would be left unfulfilled. Silence seems to be the network’s favorite language.

However, the community remains resilient, scrambling for solutions, sharing makeshift fixes, and rallying behind each other. The grassroots movement might be the most effective aspect of the Pi Network, as the official channels remain frustratingly mum on the matter.

But here’s the kicker—every time an issue arises, like clockwork, a new update or community message manages to keep the dream alive. It’s almost as if Pi Network’s true genius lies not in its technology but in its ability to keep its users perpetually hopeful despite the mounting frustrations.

Maybe it will all turn out to be a giant social experiment, but until then, the PI coin IOU is forming a bullish pattern.

Pi Network Token Forms Bullish Pattern

It does not mean much since the token does not exist officially, but the PI USD (IOU) pair has formed a bullish technical setup called the ‘falling wedge.’

PIUSDT pair formed a bullish setup with a 134% upside target. Source: Tradingview

The pattern typically signals that an asset’s price, while in a downtrend, is losing bearish momentum and may be getting ready for an upward reversal. In the case of a falling wedge, the expected breakout generally follows the prevailing trend, which, in this scenario, is upward.

To estimate the price target for a falling wedge, traders typically measure the widest part of the wedge at its inception. This distance is then projected upward from the breakout point, establishing a potential price target.

A surge in trading volume accompanying the breakout often confirms its validity. Higher volume suggests stronger market conviction, increasing the probability of a sustained price reversal.

Applying these principles to the PI/USD pair, technical analysis suggests a potential rally of up to 134% from the current price level, targeting a theoretical price near $86.4. A rally to the upper trendline of the pattern would likely attract more buyers as market participants anticipate a bullish breakout.

Pi Network Token IOU Rally Fails At EMA Resistance

The PI coin price rallied higher since Aug. 14, with the token reaching a daily high near $38 on Aug. 19 before bears pared gains. The 200-day EMA (green wave) and the 100-day EMA (blue wave) proved too much for the PI USD pair to surmount.

PIUSDT daily price chart (IOU) with RSI.

Despite being short-lived, the rally was a welcome departure from the usually horizontal PI coin price action. Even trading pairs like the PI-INR pair had been crabbing, refusing to provide the drama that some traders seem to crave.

Although the masses fantasize about Pi’s meteoric rise, its price action continues to be about as exciting as watching paint dry.

The PI network token has support near $35.6 and $33.4. Moreover, a continued rally would see PI coin price rise to the resistance near $39.4. Flipping the immediate resistance might help PI USD pair reach the resistance near $42.4 before recovering.

The RSI remained neutral, with a score of 50.35 on the daily charts.

The post Pi Network Keeps Users Hopeful As Bullish PI Coin IOU Patterns appeared first on CoinChapter.