- PI token broke out of a bullish falling wedge with volume surging nearly 195%, hinting at a larger move ahead.
- Technical targets point to upside levels as high as $0.85, with RSI and MACD still supporting momentum.
- With Pi2Day set for June 28 and major updates teased, holders may be exiting just before a key catalyst hits.
The Pi Network token (PI) has surged nearly 8% in the past 24 hours, driven by a dramatic 194.78% increase in trading volume, signaling a strong inflow of fresh interest. Yet despite this impressive short-term performance, PI remains down over 19% for the month.
According to CoinMarketCap data, PI is still nursing a steep 70% loss from its all-time high of $2.98 reached just over four months ago. Meanwhile, the project is about to celebrate a significant event, Pi2Day on June 28.
Technical Setup: A Breakout from the Falling Wedge
A closer look at the 4-hour chart below reveals a classic falling wedge formation, a bullish reversal pattern that often precedes sharp upward moves. PI decisively broke out of this wedge to the upside, confirming bullish momentum.
From a Fibonacci standpoint, the token has already reached the 1.618 extension level at approximately $0.6195, where some initial profit-taking is likely occurring.
Related: Pi Network Soars Over 10% on “Pi2Day” Hype; STX and SYRUP Also Rally
However, if momentum continues, higher Fibonacci extension targets lie ahead: 2.618 Fib level at $0.7110, 3.618 Fib level at $0.8026, and 4.236 Fib level at $0.8592.
These targets suggest that the current price of around $0.6093 could still be significantly undervalued in the short-term, especially as a major event like Pi2Day approaches.
On the other hand, the Relative Strength Index (RSI) has recently cooled off from overbought territory but remains elevated near 65.95, a level that supports continuation rather than immediate reversal.
The MACD is strongly bullish, with the MACD line (blue) remaining well above the signal line (orange).
Pi2Day: The Real Catalyst?
Pi2Day is the annual celebration of the Pi Network’s milestones and is rumored to unveil substantial updates, including a KYC Sync upgrade and generative AI integrations.
Related: Pi Network (PI) Price Prediction for June 26
Search interest for “Pi2Day” has hit peak levels, and PI was the most searched asset on CoinMarketCap as of June 25, indicating bubbling retail attention.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
