Pi Cryptocurrency Teeters on Breakout as Consensus Hype Builds
Rumors swirl as Pi Network’s token shows unusual volatility—just in time for the annual crypto carnival known as Consensus. Will this be the year Pi shakes off its ’mainnet soon’ meme status?
Traders pile in ahead of potential news, betting against the odds like a degenerate at a blackjack table. Because nothing says ’sound investment’ like gambling on unproven blockchain projects during a conference known for hype cycles.
Technical indicators suggest an ascending triangle pattern (or is it just wishful thinking?). Either way, the market’s about to deliver its verdict—with or without that long-promised open mainnet.
Pi Network price analysis
The ongoing Pi Coin price surge is in line with what we predicted hereand hereIn those articles, we pointed to the narrowing spread of the three Bollinger Bands lines, and that it was in the accumulation phase of the Wyckoff Theory.
On the 8-hour chart, Pi Coin bottomed at $0.5577 on April 29 before rallying to $0.7810 on Friday. This pattern has formed a cup-and-handle structure, a widely followed bullish continuation pattern.
The depth of the cup is approximately 30%. A measured MOVE from the breakout point suggests a potential upside target of $1.10, a 41% rally from current levels. This move could materialize ahead of the expected announcement on May 14.
