Pi Network Token Hits Critical Fibonacci Levels as Pi2Day Draws Near
Pi Network’s native token (PI) has experienced a notable 8% rally in the last 24 hours, fueled by a staggering 194.78% surge in trading volume. This sharp increase signals renewed investor interest, despite PI remaining down over 19% for the month. According to CoinMarketCap, PI still trades significantly below its all-time high of $2.98, set just over four months ago, reflecting a 70% decline from that peak.
Technical Analysis: Breakout from a Bullish Falling Wedge
Examining the 4-hour chart, PI has formed and decisively broken out of a classic falling wedge pattern, a well-known bullish reversal formation that often precedes strong upward momentum. This breakout confirms the token’s recent bullish momentum.
From a Fibonacci retracement perspective, PI has reached the 1.618 extension level at around $0.6195, a zone where some traders might be taking profits. If the momentum holds, PI’s next targets include the 2.618 Fib level at $0.7110, the 3.618 level at $0.8026, and ultimately the 4.236 level near $0.8592. These levels imply that PI’s current price of approximately $0.6093 may still offer short-term upside potential.
The Relative Strength Index (RSI) recently eased from overbought conditions but remains elevated near 65.95, suggesting sustained buying interest rather than an imminent reversal. The MACD indicator also remains strongly bullish, with the MACD line comfortably above the signal line, reinforcing positive price momentum.
Pi2Day: Anticipated Event Driving Interest
Pi2Day, scheduled for June 28, marks a major milestone celebration for the Pi Network and is expected to feature important updates, including a KYC Sync upgrade and potential generative AI integrations. Search interest for “Pi2Day” has surged to peak levels, making PI the most searched asset on CoinMarketCap as of June 25, indicating heightened retail attention and enthusiasm ahead of the event.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
