Symmetrical Triangle Chart Pattern Hints 20% Pi Coin Price Rally Today

Pi Coin price is on the verge of a breakout from a symmetrical triangle pattern, and this may trigger a 20% rally to $0.92. Pi Network’s open interest is also surging and has reached $21 million after a steady rise, highlighting trader conviction towards PI. As bullish signs align, will Pi Coin revert from bearish trends, or will the descent continue?

Pi Coin Price Chart Pattern Hints 20% Rally

Pi Coin price trades at $0.4 with a weekly loss of 8% after a recent $2M PI token deposit fueled investor concerns. However, on the four-hour price chart, Pi Network appears to be gearing for a bullish reversal as it trades within a symmetrical triangle pattern.

Usually, a symmetrical triangle pattern shows that traders are indecisive as both buy-side and sell-side volumes shrink. At press time, PI Coin’s 24-hour volumes stood at $97M per data from CoinMarketCap.

However, after the price tested the lower support boundary, it bounced back up, hinting that bulls are targeting the upper resistance line. If an upward breakout occurs, Pi Coin price will surge by nearly 20% from the upper resistance line towards $0.92. This breakout will only occur if the bullish momentum seen last week returns and buy-side volumes start surging again.

This bullish Pi Network price forecast also depends on the price bouncing back above the 200-day SMA level, which is currently serving as resistance. By looking at the previous trends, a price rally usually ensues whenever Pi Network defends the 200-day SMA as support. If bulls can overcome this resistance, the 50-day SMA of $0.77 will be the next target before the price reaches $0.92.

The main hurdle to this bullish outlook is the support at the lower boundary of the symmetrical triangle. If this support fails to hold, Pi Coin price will likely crash to $0.61.

Pi Network’s Open Interest Reaches $21M

Pi Network’s open interest is rising and has reached $21M after increasing by more than $2.9 million within 24 hours despite Pi Coin price facing uncertainty. This increase highlights increased speculative interest towards PI, and this may be a catalyst for future price growth.

The soaring open interest coincides with a sudden reversal in funding rates. After briefly flipping negative, Pi Coin’s funding rates are once again on the positive side, a sign that long interest has returned as investors anticipate an upswing.

The surging open interest coincides with the debut of Pi Coin futures on the Kraken exchange. As Coingape reported, Kraken’s Pi Futures listing was a key development for the new token, whose price has been struggling due to a lack of bullish catalysts.

To sum up, Pi Coin price is at a pivotal point as the symmetrical triangle pattern shows indecisiveness among both buyers and sellers as trading volumes shrink. However, as open interest rises and PI breaks resistance at the upper trendline of this triangle pattern, a rally will ensue.

For a detailed and long-term price forecast for Pi Coin 2025-2030 – Read This

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.