Analyzing Pi Coin’s Recent Price Surge
The Pi Coin has recently witnessed a significant price surge, trading around $0.735 after experiencing a strong upward rally from below $0.60 levels. This substantial increase is among the most notable for Pi Coin in recent weeks, drawing the attention of traders and analysts. The price is presently consolidating within a symmetrical triangle pattern on the 30-minute chart, a key area for traders speculating whether the rally will continue or if a retracement is on the horizon.
Technical Indicators and Market Sentiment
On the 4-hour chart, the Pi Coin has successfully transformed the $0.70 resistance into a support level, following a clear break through the $0.60–$0.62 resistance zone. This breakout was accompanied by a surge in trading volumes, with multiple technical indicators confirming a strong bullish momentum in the short term. This pattern suggests a potential for further upward movement, though traders should remain cautious.
Triangle Breakout or Bull Trap?
Focusing on the intraday structure, Pi Coin is currently oscillating within a narrowing range between $0.718 and $0.746. This range forms a symmetrical triangle, derived from recent price highs and lows. A breakout above the $0.75 mark could validate the continuation of the bullish trend, with potential targets set at $0.78 and $0.80. Conversely, a failure to maintain above the $0.718 level might expose the currency to downward pressure, potentially retracing recent gains.
For more detailed insights and updates, visit the source link: Pi Coin Price Prediction for May 11.
