Pi Network (PI) Weekly Forecast: Bullish Push Toward $0.28

Intro

Generally, Pi Network’s native token, PI, has been doing pretty good since it broke that downtrend back in February, which is why analysts are now looking ahead to the coming week. Currently, the price is around $0.23, and it’s testing a pretty solid $0.20 support, while also eyeing a push toward $0.28, which seems like a reasonable target.

Recent Rally and Volume Spike

Obviously, two big buying surges drove PI’s ascent, and these surges were pretty significant. Firstly, the first surge happened in mid-February, and it broke a prolonged decline, which was a big deal. Secondly, the second, stronger impulse arrived in early March, and it lifted the price past $0.20, turning that level into a new floor, which is a good sign. Since early February’s low, PI has risen more than 80%, which shows that there’s renewed interest from retail and speculative traders, and that’s a positive thing.

Support and Resistance Zones

Normally, the primary support for PI is around $0.20, which is firmly set after the March buying wave, and that’s a good thing. Currently, the price is approximately $0.23, which is a bit higher than the support level. Target resistance is around $0.28, which is historically a barrier where sellers step in, but breaking this could open higher tiers, which would be a positive development.
Usually, holding $0.20 is crucial, because a breach could trigger a corrective swing that erodes recent gains, and that would be a bad thing.

Relative Strength Index (RSI) Snapshot

Interestingly, the daily RSI surged above 80 when PI first crossed $0.20, signaling overbought conditions, which is not ideal. However, it has since retreated below 70, easing immediate pressure, which is a good sign. Yet, the RSI still forms higher highs and higher lows, a pattern that typically favors buyers, and that’s a positive thing. Generally, you should watch for a pullback below 50, which could hint at a short-term reversal, and that’s something to keep in mind.

What to Watch This Week

1. Consolidation Around $0.20

Apparently, a firm hold above this level will reinforce bullish sentiment and set the stage for testing $0.28, which is the next target. Usually, this kind of consolidation is a good sign, because it shows that the price is stable, and it’s ready to move higher.

2. Volume Confirmation

Obviously, strong buying volume validates the upward thrust, and that’s a good sign, because it shows that there’s real interest in the token. Dwindling volume may precede stagnation, which is not ideal, so you should keep an eye on the volume, and see if it’s increasing or decreasing.

3. RSI Movement

Generally, persistent overbought readings without price correction could foreshadow an imminent dip, which is not ideal. A drop back into neutral territory would be healthier for an extended rally, because it would show that the price is not overbought, and it’s ready to move higher.

4. Market Sentiment

Interestingly, social media chatter and on-chain activity remain nascent for PI, so external hype can quickly shift price direction, which is something to keep in mind. Usually, market sentiment is a good indicator of where the price is going, so you should keep an eye on it, and see if it’s positive or negative.

Conclusion

Apparently, Pi Network appears to be in a bullish phase, which is a good thing. The $0.20 support acts as a reliable foundation, while the $0.28 zone serves as the next tactical target, which is a reasonable target. Generally, although the RSI hints at an overbought state, the overall trend stays upward as long as buying pressure holds, which is a positive thing. Normally, traders should stay alert for any breach of the $0.20 floor, monitor volume trends, and be ready for a possible corrective pullback if RSI stays excessively high, which is something to keep in mind.

Analysis by Duo Nine, a crypto educator and technical analyst with over seven years of price-action experience, and he seems to know what he’s talking about.