Pi Network (PI) continues to capture attention in the cryptocurrency market with its notable weekly performance. This momentum is further supported by a recent partnership with CiDi Games, a collaboration anticipated to enhance the PI ecosystem through the integration of Web3 gaming.
While fundamental aspects of the project are showing improvement, the technical chart indicates that PI is approaching a critical juncture. The token is currently retesting a significant breakout level, a point that will likely determine whether the next movement is a continuation of its rally or a short-term pullback.
Retesting Its Symmetrical Triangle Breakout
On the daily chart, PI has been trading within a broad symmetrical triangle pattern for several weeks. This type of structure typically emerges during a period of consolidation and is often interpreted as a continuation signal when it forms after a directional trend. For PI, a breakout occurred earlier this week when the price successfully moved above the descending resistance trendline, which was situated near the $0.2530 mark.
This breakout initiated a swift upward movement, pushing the price towards $0.2721. However, the rally experienced a pause as Pi reached its 100-day moving average. At this level, selling pressure intensified, leading to a short-term pullback. This moderation in momentum has caused the price to recede back towards the original breakout zone, approximately at $0.261. This level had previously acted as resistance and is now being tested as a support level.
Currently, the price is positioned at this retest zone, hovering near the upper boundary of the triangle while maintaining its position above the rising support structure. This configuration is frequently observed in healthy breakout scenarios, where the market briefly returns to confirm the breakout before attempting to advance further.
What’s Next for PI?
The trajectory of PI in the upcoming trading sessions will hinge on the ability of buyers to sustain the price above this breakout trendline. A successful retest, followed by a rebound, would reorient the focus towards recapturing immediate resistance levels, specifically the recent high of $0.2721 and the 100-day moving average around $0.2738. Overcoming this confluence of resistance would signify a resurgence of bullish momentum.
Should this bullish scenario materialize, the projected target derived from the pattern suggests that PI could potentially climb towards the $0.3169 region. This represents a possible increase of approximately 21% from its current trading range. The chart structure lends support to this outlook, particularly if trading volume increases during the next upward movement.
Conversely, if PI fails to hold the breakout trendline support around $0.25, it would indicate a failed retest. Such a development would likely drive the price action back within the confines of the triangle, postponing any significant bullish continuation and increasing the probability of further consolidation.