Pi Coin shows strong signs of recovery after being relieved of two months of decline.
Altcoin is currently benefiting from improving market sentiment. This momentum could place Pi Coin for a significant price spike.
Pi Coin is market support
At the time of writing, Pi Coin’s Bollinger Band has converged. This technical pattern usually shows incoming volatility, with the last similar event occurring in May. At the time, Pi Coin recorded a significant price increase of 114% shortly after the band expanded. This repetition of movement depends on the broader crypto market direction.
Now, as Bitcoin merges and Ethereum leads the altcoin upwards, the terms support another bullish breakout for PI coins. The tight bollinger band hints at an imminent movement, and the emotions are bullish, so the next wave of volatility may once again push Pi Coin high.
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The macro indicator also coincides with bullish predictions. The Chaikin Money Flow (CMF) is heading upwards, indicating the capital inflow into the PI coin. This influx suggests investors are confident and may position themselves ahead of the potential of Altcoin Rally.
Once money enters the ecosystem, PI coins will benefit from new market participation and increased demand. These factors often precede price breakouts, and are particularly influential when combined with technical signals of volatility.
Can Pi Price bounce back?
Pi Coin is currently trading for $0.47 after integrating sideways for several days. This integration worked in its advantage and helped Altcoin escape the two-month downtrend. Investors are now careful to ensure that the next resistance breaks.
Technical indicators suggest that this support will be retained, despite a record low of $0.40 and just 15%. If Pi Coin is able to flip $0.45 to a reliable level of support, it could potentially start rallying ahead of $0.51 and beyond, especially if the Altcoin season intensifies.
However, if the holder begins to close the position prematurely, the PI coin can return to $0.40. Such a move would nullify bullish scenarios and put Altcoin at risk of retesting its historic lows.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
