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Pi Coin (PI) has formed a symmetrical triangle pattern in its short-term price movements. Technical indicators suggest that an upward breakout may occur. At this point, Fibonacci levels and RSI data assist in identifying potential price targets.
Pi Coin Price Analysis and Key Levels
The hourly chart of Pi Coin indicates that the price is consolidating within a symmetrical triangle following a significant bullish wave. According to Elliott Wave Theory, this structure could represent the fourth wave of the current upward trend. If validated, an upward breakout may signal the beginning of the fifth wave.
Currently, the price is testing the 0.5 Fibonacci retracement level at $1.46 as support, with resistance located at $1.79. If the price breaks above the triangle’s upper boundary, a move towards the $1.87 to $1.90 range may occur based on Fibonacci extension levels.
The RSI indicator is currently at a neutral level, indicating no extreme buying or selling pressure in the market. To maintain the bullish trend, it is critical for the price to stay above $1.46. Otherwise, the 0.618 Fibonacci level at $1.13 could be tested, potentially invalidating the bullish scenario.
Short-Term Price Expectations for PI
PI‘s 15-minute chart suggests the first wave of a bullish movement has commenced. The second wave retraced to the 0.5 Fibonacci level at $1.57. If the third wave unfolds as anticipated, critical targets will be $1.64 (1.0 Fibonacci extension) and $1.72 (1.618 Fibonacci extension).
If the symmetrical triangle pattern breaks upward, surpassing $1.78 could lead to a rise to the $1.87 – $1.90 range. Conversely, if the price pulls back from $1.64 or falls below $1.57, it could decline to $1.50.
Should the price lose the $1.50 level, the strong support at $1.46 may be retested. Falling below this level could invalidate the bullish scenario and initiate a downward trend.
Key Levels to Monitor for Pi Coin:
- Immediate Resistance: $1.64 (1.0 Fibonacci extension)
- Important Resistance: $1.72 (1.618 Fibonacci extension)
- Critical Resistance: $1.79 (0.382 Fibonacci retracement level)
- Immediate Support: $1.57 (0.5 Fibonacci retracement level)
- Important Support: $1.50 (structural support)
- Critical Support: $1.46 (0.5 Fibonacci retracement level, invalidation point)
If the price remains above $1.50 and breaks the upper boundary of the triangle, targets of $1.87 and above could be feasible. However, falling below $1.50 may lead to a deeper bearish trend.
