Pi Network (PI) Hints at Potential Price Breakout

Pi Network Token Eyes Potential Recovery

Pi Network's token (PI) has been trading sideways, consolidating near its all-time low of $0.32, reached on August 1. However, emerging bullish momentum suggests buyers are capitalizing on the dip, raising the question of further gains.

Easing Selling Pressure

The one-day chart reveals the Moving Average Convergence Divergence (MACD) indicator nearing a positive crossover, signaling a potential shift toward increased buying pressure. This could mean a positive trend for PI's price.

The MACD indicator identifies trends and momentum. A positive crossover—where the MACD line (blue) crosses above the signal line (orange)—is a bullish signal. It suggests short-term momentum is strengthening relative to the longer-term trend, potentially pushing the price higher.

Further supporting this, PI's BBTrend indicator shows a decline in the size of its red bars since the sideways trend began. The BBTrend measures the strength and direction of a trend using Bollinger Bands. Decreasing red bars suggest easing selling pressure and a shift toward buying sentiment.

Demand is Key to PI's Next Move

Sustained demand for PI could drive it above the upper range of its horizontal channel, forming resistance at $0.37. A successful breakthrough could pave the way for a rally to $0.44.

Conversely, weakening demand could see PI resuming its sideways trend or falling below $0.34.