The cryptocurrency market is showing a cautious and mixed performance ahead of today’s Federal Reserve meeting, where a potential rate cut decision is on the table. Both Bitcoin (BTC) and Ethereum (ETH) are trading slightly in the red, while a few altcoins are holding steady and even flashing bullish signals — one of them being Pi Network (PI).
PI is trading in green with an impressive 15% gain in the last 24 hours, and more importantly, its latest price structure is hinting at a potential bullish reversal pattern that could set the stage for a stronger upside move.
Bump-and-Run Reversal (BARR) Pattern Formation
On the daily timeframe, PI’s price action appears to be forming a Bump-and-Run Reversal (BARR) pattern. This is described as a powerful and rare setup that typically marks the transition from a prolonged bearish trend to a bullish recovery.
The Lead-In Phase began when PI faced repeated rejections from its descending resistance line near $0.3564. This led to a gradual downtrend that eventually bottomed around $0.1555, establishing the Bump Phase of the pattern.
Since then, PI has rebounded sharply and is currently trading near $0.2650. This price point is just below the descending trendline. This area is now acting as a key breakout zone, and a successful close above it could confirm the beginning of the Uphill Run Phase. This phase is characterized by accelerating momentum and strengthening bullish sentiment.
Potential Upside for PI
If the BARR pattern continues to play out as anticipated and PI successfully breaks above the descending trendline, it would signal the start of the Uphill Run Phase. During this stage, momentum often strengthens, and price action tends to turn decisively bullish.
A clear breakout from this trendline, followed by a retest, could pave the way for PI to extend its rally toward the $0.4750 resistance area. This would mark a potential shift in the broader market trend for the cryptocurrency.
However, traders are advised to remain cautious and wait for clear breakout confirmation. A rejection from the current resistance level could trigger a short-term pullback before any further upside movement is observed.