Pi Coin price skyrocketed by 16% ahead of the Pi2Day event - Could it increase by another 30%?

Pi Coin has witnessed an impressive growth of 16% in the past 24 hours and is currently trading at $0.61. This comes as the Pi Network community eagerly prepares for the annual Pi2Day event, scheduled to take place on June 28. This event promises to bring important updates, including an enhanced KYC process, plans for mainnet deployment, expansion of decentralized applications (dApp), and integration of generative AI technologies, increasing attention and expectations from both the community and investors.

The trading volume of Pi Coin also surged by 66%, reaching 219 million dollars. This increase has helped Pi Coin escape a 7-week long downtrend, and currently, investors are hopeful about the potential for Pi to reach a higher price in the short term, even as high as 1 dollar.

In addition, speculation about the possibility of Pi Coin being listed on centralized exchanges has also created a strong wave of interest from investors. The growing excitement around Pi Coin is leading to high expectations for a significant turning point in the near future. This article will analyze the factors affecting the price of Pi Coin in the short term and the potential opportunities in the current context.

Price breakout pushes RSI higher

On the 4-hour chart, Pi Coin has strongly broken through the upper Bollinger band at $0.58, confirming a strong upward momentum. The price of PI reached a high of $0.63 in the past 24 hours, surpassing the 20-period moving average (SMA) of $0.52, indicating that buyers are in control of the market in the short term.

Another important indicator, the RSI, has surged to 80.38, nearing the overbought zone for the first time in many weeks. Historically, Pi Coin has respected the RSI resistance levels, so the current increase could be a sign of a short-term correction, or price consolidation. However, with strong bullish candles and high trading volume, Pi may continue to test the next resistance levels at $0.65 and $0.70. The nearest support level currently lies at the breakout of $0.58.

The 4-hour PI price chart with RSI | Source: TradingViewAdditionally, Pi Coin has also formed a round bottom pattern on the 4-hour timeframe, indicating that a bullish reversal trend is gradually forming. Notably, the closure above the resistance level of the neckline of the round bottom pattern confirms the likelihood that the price will continue to rise in the near future.

The price target from this round bottom pattern could reach up to 28%, similar to the forecast level from the descending wedge pattern, indicating that Pi Coin could reach $0.78 in the near future.

PI 4-hour price chart with round bottom pattern | Source: TradingView## Descending wedge pattern: 30% bullish opportunity

In the past three days, the price of Pi Coin has moved from a low of $0.47 to a weekly high of $0.63. Notably, this price increase has helped the Pi coin break through the upper resistance level of the descending wedge pattern, a strong signal indicating that the downtrend is weakening and buyers are attempting to regain control.

The descending wedge pattern, which usually indicates that the downtrend is gradually weakening, has been confirmed when the price of Pi Coin broke above the boundaries of this pattern. This signals the potential for continued upward momentum in the near future. One of the price targets for this rally is a 30% increase from the current price, which could bring Pi Coin to around $0.78.

If the price of Pi Coin continues to maintain its upward momentum above the support level, the upward trend may continue, and the price target of $0.78 is entirely feasible. However, this also depends on whether the buyers can sustain the buying pressure and avoid traders taking profits too early.

The PI price chart for 4 hours with a descending wedge pattern | Source: TradingViewTechnical indicators and price patterns are showing a positive outlook for Pi Coin in the short term. The breaking of important resistance levels and the appearance of bullish patterns such as descending wedges and rounded bottoms suggest that Pi Coin may continue its strong upward momentum in the near future. The next target for Pi Coin could be the price of 1 dollar, if the buying power continues to maintain and traders keep their confidence in the development of the Pi Network in the coming time.

However, investors need to be aware that factors such as a high RSI index and the potential for short-term price corrections may affect the upward trend of Pi. Therefore, closely monitoring the market and technical signals is very important to make reasonable investment decisions.

Emma