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.
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