Pi Coin’s “Double Bottom” Pattern on Weekly Chart Targets a 160% Rally
- Double-bottom pattern on the weekly chart suggests a potential reversal toward $1.67 and beyond.
- RSI and MACD on the daily chart show early signs of bullish momentum building.
- Pi Day 2 event and rising social dominance may act as catalysts for a possible short squeeze.
The Pi Network’s token (PI), a controversial yet massively popular digital asset, appears to be forming a classic bullish “double-bottom” pattern on its weekly chart, a technical setup that is now putting traders on high alert for a potential short squeeze.
With the current price hovering near $0.64, as per CoinMarketCap data, traders are eyeing a possible short squeeze, especially as social and technical signals align.
A Bullish Blueprint: The “Double Bottom” on the Weekly Chart
The weekly chart of PI/USDT shows a distinct double-bottom formation anchored by support around $0.5850 and a neckline near $1.6708. This pattern is widely regarded as a reversal indicator, particularly when accompanied by falling volume and volatility, both of which are present in the current structure.
A confirmed break above the $1.00 psychological resistance could trigger a run tow…
The post Pi Coin’s “Double Bottom” Pattern on Weekly Chart Targets a 160% Rally appeared first on Coin Edition.
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Pi Coin’s “Double Bottom” Pattern on Weekly Chart Targets a 160% Rally
- Double-bottom pattern on the weekly chart suggests a potential reversal toward $1.67 and beyond.
- RSI and MACD on the daily chart show early signs of bullish momentum building.
- Pi Day 2 event and rising social dominance may act as catalysts for a possible short squeeze.
The Pi Network’s token (PI), a controversial yet massively popular digital asset, appears to be forming a classic bullish “double-bottom” pattern on its weekly chart, a technical setup that is now putting traders on high alert for a potential short squeeze.
With the current price hovering near $0.64, as per CoinMarketCap data, traders are eyeing a possible short squeeze, especially as social and technical signals align.
A Bullish Blueprint: The “Double Bottom” on the Weekly Chart
The weekly chart of PI/USDT shows a distinct double-bottom formation anchored by support around $0.5850 and a neckline near $1.6708. This pattern is widely regarded as a reversal indicator, particularly when accompanied by falling volume and volatility, both of which are present in the current structure.
A confirmed break above the $1.00 psychological resistance could trigger a run tow…
The post Pi Coin’s “Double Bottom” Pattern on Weekly Chart Targets a 160% Rally appeared first on Coin Edition.
Читать больше
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