In mid-February, Coinphoton issued a warning that the price rally of Pi Network (PI) seemed to reflect exhaustion among buyers rather than a genuine bullish reversal signal.
During this growth phase, the PI price saw an impressive increase of 58.1% in just 4 days, driven by high spot trading volume. However, when reaching the supply zone at $0.2, the rally was halted and could not break through this resistance level. At the time of writing, PI is trading at $0.171.
The rejection at the upper supply zone has become a reality. However, the question remains: what will happen next in March? Some believe that a breakout rally and a long-term trend reversal for PI are entirely possible, especially if Bitcoin (BTC) successfully surpasses the $70,000 mark.
Breakout prospects of Pi Network surpassing $0.2
Although it has not been able to break through the $0.2 level, it is noteworthy that the PI price also did not fall below the local bottom of $0.13. If it did, that would be a clear bearish signal. Instead, PI’s price retreated to $0.16 before bouncing back.
Source: TradingView Notably, the On-Balance Volume (OBV) indicator did not show a sharp decline compared to the peak established during the February rally. This indicates that selling pressure is not high. At the same time, the 20-day (20DMA) and 50-day (50DMA) moving averages are approaching a crossover, signaling a potential bullish trend formation.
In the past week, the 20DMA has acted as an important dynamic support level, helping to maintain the Pi Network token’s price. The decreasing selling pressure combined with the price continuously testing the $0.173 resistance level is a positive sign for short-term upward movement.
Short-term price forecast for Pi Network
The local resistance at $0.1788 on the 4-hour timeframe is expected to be a significant challenge for PI’s upward momentum.
Source: TradingView Currently, this altcoin is approaching the apex of a converging triangle pattern (orange). A breakout from this pattern is likely to determine the next move of the price.
Interestingly, a Bitcoin (BTC) short squeeze could bring a temporary recovery period for the altcoin market. In this scenario, PI’s price could break above $0.2 and even reach the local peak of $0.216.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Millions Quietly Gear Up for Pi Network's Big Leap
More users are still preparing to the Pi Network global vision as they approach more adoption. New updates regarding the migration progress and ecosystem expansion throughout the network boosted the level of community discussions.
Pi Network Global Vision gets a good Community Momentum
The Pi Net
Coinfomania10h ago
Pi Network tests node AI computing power, mainnet upgrade advances to version 20.2, exploring decentralized artificial intelligence computing networks
Pi Network is currently undergoing mainnet upgrades and AI computing capability testing, exploring the integration of blockchain and distributed AI. Nodes need to upgrade to version 20.2 by March 12. Testing shows that nodes can participate in AI tasks, and in the future, they may earn token rewards by providing AI computing power. Despite challenges such as KYC verification delays, Pi Network is expected to become a decentralized AI computing network.
GateNews12h ago
Pi Network Tests AI Computing on Nodes During Mandatory Upgrade, PI Price Surges 20% Despite Token Unlock
Pi Network has begun testing artificial intelligence computing workloads on its global node infrastructure during a mandatory protocol upgrade, exploring whether its distributed node system can support decentralized AI processing tasks.
CryptopulseElite12h ago
Pi Network Tests AI Computing on Nodes During Upgrade Phase
Pi Network news today reports it has begun testing a new concept that blends artificial intelligence with its blockchain infrastructure. The experiment comes as the project continues a major protocol upgrade across its Mainnet nodes. The upgrade process is currently moving through multiple
Coinfomania14h ago
PI (Pi Coin) increased by 10.40% in the past 24 hours, now trading at $0.20
As of March 6th, the PI price is $0.20, up 10.40% in 24 hours, with a market capitalization of $1.93 billion. Pi Network mines through mobile phones and emphasizes technological innovation to boost user confidence and facilitate a price rebound. Market sentiment has turned positive, with clear signs of a rebound, but investors should still be cautious of risks.
GateNews16h ago
Pi Network's one-year roadmap shifts towards applications, PI coin's island dilemma still awaiting a breakthrough
Pi Network's PI token has recently risen to $0.20, facing challenges of isolation from the mainstream crypto ecosystem. The founder emphasized shifting focus to practical applications rather than just token issuance. Although 16.8 million users have completed KYC, concerns have been raised over data transparency. The platform plans to upgrade by introducing features such as decentralized exchanges and launching various community activities to boost ecosystem activity.
MarketWhisper18h ago
