- Pi Coin price forms a descending wedge, a classic pattern often signaling a bullish reversal if support holds.
- Price sits below the 25-day EMA of $0.395, indicating continued bearish pressure unless a breakout occurs.
- Current support at $0.3225 has held multiple times; a break below may trigger a drop to $0.30 or $0.28.
Pi Coin price is on the verge of a possible breakout but it is currently trading at a critical support level. Although the majority of the cryptocurrencies experienced increases in the recent market surge, Pi Coin kept on plummeting. Currently, the chart patterns are indicating that a potential move could be taking place should the important levels hold.
Pi Coin Price Descending Wedge Pattern Signals Possible Turnaround
Pi Coin has been trading in a descending wedge since June notable by declining highs and lows. This is a typical pattern that precedes a reversal and is approaching its peak.A breakout could lead to a strong upward move. However, a recent attempt to push above the wedge failed, and price fell back inside the range.
The current support at $0.3225 remains critical. It has held through several previous tests and is once again being challenged. If this support level breaks, Pi Coin could move lower toward $0.30 or even $0.28. But if it holds, there is room for a recovery.
The 25-day exponential moving average (EMA) is at $0.3950 and has remained a ceiling for the price. Pi Coin has not managed to close above this level for several weeks. Persistent EMA resistance indicates bears are still in control, unless countered by intense buying interest in the market.
Source: TradingView
Recent days have seen low volume, particularly when the market was in an up-swing. That would have implied hesitation among buyers at the current levels. The red candles come up when price drops and with a slightly higher volume, indicating an increased selling pressure. This makes a strong breakout less likely unless volume increases.
Candlestick behavior also shows weakness from buyers. Recent candles near the wedge resistance showed long wicks on top, which means sellers are pushing back. A string of lower highs and lower closes indicates that upward momentum is waning.
Despite the bearish signals, if the price holds above $0.3225 and recovers the 25-day EMA, Pi Coin may recover. Breaching of the wedge pattern and the EMA holds a price swing to $0.42 then $0.47 then $0.53. If this upward impulsive movement is sustained, the next target would be $1 a 150% rise from present levels.
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