Pi Coin has been in a prolonged downtrend, struggling to regain momentum as general market conditions remain cautious.
Nevertheless, the altcoin is indicating a potential breakout. Technical indicators suggest that bearish pressure may be fading, allowing for a possible upward shift.
Pi Coin May Breakout
The Relative Strength Index (RSI) is showing an exaggerated bullish divergence. This pattern, while subtler than a standard divergence, indicates that the ongoing downtrend is losing its strength. Although it doesn’t confirm an immediate reversal, it signals that sellers may be losing momentum.
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This development sets Pi Coin up for a potential breakout soon. As investor sentiment shifts, the divergence implies that buyers might gradually regain control. If the market remains stable, Pi Coin could move from its consolidation phase into a new upward rally.
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The Moving Average Convergence Divergence (MACD) further supports the bullish scenario. It has maintained a bullish crossover for nearly a month, rejecting attempts to turn bearish. This constancy indicates that upward momentum remains despite short-term fluctuations.
Although a brief false bearish crossover was observed recently, the MACD continues to show a bullish inclination, highlighting the resilience of Pi Coin holders. This persistence signifies that buyers are ready to defend critical levels, potentially facilitating a breakout above immediate resistance.
PI Price Needs To Breach Barrier
Currently, Pi Coin is priced at $0.353, just under the significant resistance of $0.360. Converting this level into a support floor could pave the way for a rally toward $0.381, constituting the first step in reversing its downward trend.
If this breakout occurs, it would effectively conclude the ongoing decline. Given both the RSI divergence and the MACD’s sustained bullish perspective, this scenario appears more likely, assuming that broader market conditions remain neutral to positive.
However, risks persist. If bullish momentum wanes, Pi Coin could drop below $0.351 and fall to $0.340. A breach below this threshold could threaten to revisit its all-time low, undermining the bullish outlook and raising further concerns for investors.
