Pi Coin is at a crossroads. After a huge rally, the price dipped, and now it’s stuck below key resistance. The new trading pairs have left the community buzzing. With fresh momentum building, Pi could either break out or drop, and traders are on edge waiting for the next move.
It is currently consolidating around $0.74, stuck below the key 50-day EMA resistance at $0.84. The strong resistance sits near $1.15, while critical support is at $0.52. Key factors like mainnet updates, new exchange listings, or partnerships could spark a rally.
Pi Network’s technicals show mixed signals as most moving averages indicate a sell, while some oscillators like Stochastic indicate a possible bounce. Overall, the trend leans bearish but with hints of short-term buying interest. Traders should watch for a clear breakout to confirm any shift in momentum. For now, Pi is in an accumulation phase, with traders watching closely for a move below $0.52 or a breakout above $0.85.
20% Breakout Soon?
It may soon witness a 20% breakout as it forms a symmetrical triangle pattern. This often precedes major price moves. Pi Network’s open interest has also hit $21M, rising fast by nearly $3M in six hours. Even with price uncertainty, more traders are betting on Pi. Besides, the funding rates have also turned positive again, which shows that buyers are back.
If Pi Coin breaks above key resistance levels, starting with the 200-day SMA and then the 50-day SMA at $0.86, it could rally toward $0.92. However, if it loses support at the triangle’s lower boundary, the price could drop to $0.61.
Recently, MEXC launched the PI/USD1 trading pair on May 27. Analyst Dr Altcoin believes that a PI/USD1 pair could be a game-changer as it could boost liquidity, trust, and visibility for Pi, and will make it more appealing than traditional stablecoin pairs.
Rising Mainstream Adoption
With major exchanges like MEXC and Bitget adding USD1 pairs, Pi is now better positioned for mainstream adoption and long-term growth in the crypto space.
Recently, over 102 million Pi tokens were withdrawn from OKX, which shows that there is growing momentum and rising confidence among Pioneers. However, some viewed it as a suspicious insider activity. Pi’s price surged over $0.80 but settled near $0.77.
Pi started May strong, jumping 190% to $1.67, but then dropped 55% and settled into a slow sideways trend. It faced pressure as 37 million tokens were set to unlock by the end of May. $13.5 million tokens were set to be unlocked today.
According to CoinDCX, if it can break back above $0.84 (the 50-day EMA), bullish momentum might return. As May ends, the price could finish between $0.68 and $0.74.
