Pi Coin is showing some price dynamics right now. The cryptocurrency is currently trading in a falling wedge pattern on the 30-minute chart by Cryptosatred. This could signal a potential reversal on the horizon.
The current support level is holding steady at $0.82. It is eyeing a potential breakout above $0.86. If this breakout materializes, traders are looking at key resistance levels around $0.94 and $1.00.
Understanding the Falling Wedge Pattern
The falling wedge is typically considered a bullish reversal signal. It is so when it is accompanied by increasing trading volume during the breakout. What makes this pattern interesting is how it reveals the underlying market psychology.
Presently, the price action within the wedge suggests that sellers are losing momentum as the trading range continues to narrow. This compression often precedes a significant price movement.
Read Also: Expert Calls Pi Network a ‘Straight-Up Scam’ — Here’s Why
Key Observations and Potentials For Pi
According to Cryptosatred, the most critical levels to watch are $0.82 and $0.86. If PI price maintains support above $0.82, it increases the probability of a successful breakout. A break above $0.86 with substantial volume could potentially trigger a move towards $0.94 and $1.00.
However, investors should remain cautious. Wedge patterns are known for occasional false breakouts, so confirmation is crucial. This means looking for a strong close above resistance accompanied by increased trading volume.
On the downside, if the $0.82 support level fails, the price could potentially drop to $0.80 or lower.
Follow us on X (Twitter) and Coinmarketcap for more real-time market updates.
The information provided on Web3parrot.com is for general informational purposes only and are opinions of the expert writers. They are not intended as financial, investment, or trading advice. Please do your own research and consult with a licensed financial advisor before making any financial decisions.
