The PI price has skyrocketed today following the Federal Reserve’s decision that boosted the Bitcoin and altcoin prices. The price successfully implemented an uptrend scenario after the breakdown of resistance between $0.645 and $0.6826. With the resistance near $0.7780 and bullish technicals, the trade setup suggests a potential leg up for the PI price rally. If the buying pressure remains elevated, supported by key moving averages, the token could mark new highs.
After a magnificent start, the Pi price remained stuck within a steep bearish trend throughout the past couple of months. Besides, the bulls have been trying hard to elevate the levels beyond the crucial resistance zone between $0.7 and $0.76. With the latest rise, the price is yet again trying for a breakout and considering the buying pressure and the bullish technicals, the PI price appears to be poised to clear all the bearish barriers.
As seen in the above chart, the PI price plunged hard soon after a few days of its inception, but with the beginning of Q2, the bulls managed to prevent excessive loss. Since then, the token has remained consolidated within a narrow range below $0.7. However, the technicals have turned bullish as the Supertrend has flipped from being bearish since its inception. Besides, the Ichimoku levels are also heading for a bullish crossover while the cloud is about to transform into bullish.
This suggests the bulls have jumped into action as they remain poised to lift the token above the bearish captivity. Once the price surpasses the local resistance zone, achieving $1 could be imminent. However, the trade setup and the market sentiments suggest the bullish dominance may prevail for long, hinting towards a new ATH above $5.
The upcoming May 14 announcement from the core team is generating buzz among the investors, which may propel the Pi price to $1. This anticipated announcement lines up perfectly with the Consensus event in Canada, where Pi Network founders will be making an appearance. It’s a strategic moment, especially after his recent presence at Token2049. With this momentum and potential partnerships in the pipeline, the PI price is expected to trigger a bullish breakout, pushing the levels beyond $1 resistance.
Credit: Source link