According to crypto analyst queencryptooo, PI Network native crypto Pi is attempting a significant breakout that could potentially push its value beyond $2.
The analyst is observing a symmetrical triangle formation on PI price chart. This pattern represents a period of consolidation where the price is compressed between converging trendlines, creating tension that typically precedes a substantial price movement.
The critical element right now is the descending trendline acting as diagonal resistance. Breaking through this line could be the key to unlocking PI’s next price surge. As queencryptooo notes, “Flipping the diagonal resistance will take us to $2+”, which suggests a bullish outlook for the cryptocurrency.
The current price is testing an important resistance level. If successful in breaking above this line, PI could potentially target the $2.30 zone. However, traders should also be aware of key support levels around $1.62 and $1.20, which could provide a safety net if the breakout fails.
Volume and Momentum Insights
One interesting observation is the current decline in trading volume, which is typical during consolidation phases. Traders will be looking for a significant volume increase to confirm any potential bullish momentum. A strong breakout accompanied by increased volume would provide additional confidence in the price movement.
The analysis suggests that if PI manages to transform the diagonal resistance into a support level, it could generate significant upward momentum. A successful breakout would signal a continuation of the bullish trend, with the next target potentially reaching or even exceeding $2.
