Pi Network (PI) is currently consolidating within a symmetrical triangle pattern on the 1-hour chart, following an extended impulsive wave. This structure aligns with wave (iv) in the broader Elliott Wave count, suggesting a potential bullish breakout to complete wave (v) of the ongoing cycle.
Technical Analysis: Key Levels and Patterns
PI is testing support around $1.46, corresponding to the 0.5 Fibonacci retracement level, while facing resistance near $1.79 at the 0.382 Fibonacci retracement. A breakout above the upper boundary of the triangle could confirm the next leg of the bullish cycle, with Fibonacci extension levels providing potential price targets.
The Relative Strength Index (RSI) remains neutral, indicating a balanced market without overbought or oversold conditions. As long as PI holds above $1.46, the bullish wave count remains valid. However, if price action breaks below this level, a decline toward the 0.618 Fibonacci retracement at $1.13 may follow, invalidating the bullish outlook.
PI Price Prediction: Short-Term Outlook
The 15-minute chart reveals early signs of wave (i) formation, with wave (ii) retracing to the 0.5 Fibonacci level at $1.57. If wave (iii) extends as expected, the next resistance levels to watch are:
- $1.64 (1.0 Fibonacci extension)
- $1.72 (1.618 Fibonacci extension)
A confirmed breakout from the symmetrical triangle could propel PI past $1.78, with wave (v) potentially targeting $1.87–$1.90. Conversely, failure to maintain support at $1.57 may lead to a retest of $1.50.
Key Levels to Watch
- Immediate Resistance: $1.64 (1.0 Fibonacci extension)
- Key Resistance: $1.72 (1.618 Fibonacci extension)
- Major Resistance: $1.79 (0.382 Fibonacci retracement)
- Immediate Support: $1.57 (0.5 Fibonacci retracement)
- Key Support: $1.50 (structural support)
- Critical Support: $1.46 (0.5 Fibonacci retracement, invalidation level)
Also Read: Pi Network Price Skyrockets 157% – Can It Hit $5 Before March 31?
With momentum building and RSI balanced, PI appears poised for an upward breakout. A successful move beyond $1.78 could drive prices toward $1.87+, reinforcing the bullish structure. However, a breakdown below $1.50 may signal continued downside pressure. Traders should monitor key levels closely for confirmation of the next trend direction.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
