Date: Thu, February 27, 2025 | 10:05 AM GMT
The cryptocurrency market is once again witnessing an impressive rally from Pi Network (PI), which has continued its bullish momentum after recovering from a significant post-listing drop. On February 20, following its listing, PI faced an initial sell-off, likely driven by early miners cashing out their holdings, which caused the price to plummet to an all-time low (ATL) of $0.60.
However, since then, PI has made an strong recovery, surging over 300% from its lows and currently trading at $2.64. This surge also includes an impressive 38% daily gain, signaling strong market interest and potential further upside movement.
Source: CryptoRank
Key Breakout and Rally
PI’s rally has been fueled by a strong breakout from a key resistance zone, which had previously acted as a barrier to upward price movement. The breakout from this red-marked resistance area on the 2-hour chart triggered an explosive price surge from $1.70 to a high of $2.99, demonstrating strong bullish momentum. However, after reaching this local high, the price faced temporary rejection near the $2.93 – $2.99 resistance level, leading to a slight pullback to current price of $2.64.
Pi Network (PI) 1-H Chart/Coinsprobe (Source: Tradingview)
A crucial factor in maintaining this uptrend is the TideMaster indicator, which has been providing support throughout the rally. The green zone of the indicator, visible on the chart, serves as a dynamic support band, offering a buying opportunity for bulls whenever the price dips into it.
Currently, PI is trading just above the green support band, showing that the bulls are still holding control. If the price continues to respect this zone, it could provide the foundation for another move if it makes a breakout from the resistance zone of $2.99
However, if PI breaks below this green zone, it could signal a potential trend shift, leading to a retracement toward lower support levels at $2.16 – $1.97 before the next major move.
Can It Keep the Momentum?
Pi Network’s remarkable 300% recovery from its ATL highlights the growing market interest in the asset. The breakout from key resistance and the strong support provided by the TideMaster indicator suggest that the uptrend could continue if bulls maintain control. However, breaking above the $2.99 resistance level is critical for further upside movement.
If PI successfully clears this resistance, it could target the $3.50 level and beyond. On the other hand, a break below the TideMaster support could lead to a retracement toward $2.16 – $1.97, where buyers may look to re-enter.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
