- Pi Coin price gained 10% this week, with trading volume spiking 52% to $76 million, signaling strong market interest.
- Pi Coin price double bottom pattern hints at a potential 40% rally to $0.53 if it breaks resistance at $0.3773.
- Pi Coin price RSI above 50 suggests bullish momentum, with a price push towards $0.53 supported by rising trading volume.
Pi Coin price has shown notable recovery after hitting a low of $0.335 earlier this week. Currently trading at $0.3665, it has gained nearly 10% in just a few days. This upward movement has sparked interest in the market, with a bullish pattern indicating a potential 40% rally, potentially reaching $0.53.
Double Bottom Pattern Forms as Pi Coin Price Stabilizes
Pi Coin price recent movement shows the formation of a double bottom pattern, a classic bullish signal. The cryptocurrency has held strong support at the $0.336 level, marking a significant low. This support has created a solid base, which bulls have taken advantage of. As a result, the price has been moving higher, confirming the strength of this support zone.
The double bottom pattern, also known as a W pattern, indicates that Pi Coin price could be on track for further upward movement. Traders are now focusing on the resistance level at $0.3773. A move above this level would complete the double bottom formation, confirming the bullish trend. If this occurs, a 40% rally toward the $0.53 mark could be in the cards.
Source: TradingView
Key indicators are supporting this bullish outlook. The Relative Strength Index (RSI) has risen above the 50 mark, signaling that momentum is shifting in favor of buyers.
Furthermore, the price has recently been attempting to break above the 50-day Simple Moving Average (SMA). Historically, such movements have often been followed by upward rallies, adding weight to the possibility of a continued surge.
Source: CoinMarketCap
At press time, Pi Coin price was up by 3.2% in 24 hours. Behind these gains is high market interest. Trading volumes have soared by 52%, reaching $76 million according to CoinMarketCap data.
With rising volume and strong support, Pi Coin price outlook remains positive as it targets higher levels. The coming days will likely determine whether the cryptocurrency can maintain this momentum and reach its target of $0.53.
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