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crypto.news 2025-05-01 16:35:41

PI Network shows bullish divergence: is a reversal to $0.97 in play?

PI Network shows bullish divergence: is a reversal to $0.97 in play?

PI Network may be setting up for a bullish move as key signals hint at a trend reversal. A classic divergence, strong support, and a defined trading channel are shaping the next move. PI Network’s ( PI ) price action is starting to show signs of a shift in market sentiment. After a period of downward or sideways movement, a bullish divergence is forming, a signal often seen ahead of reversals. With price currently holding the lower bounds of its ascending channel, technical conditions could be aligning for a move back toward key resistance. Key technical points, Bullish RSI divergence forming near channel support. Ascending triangle resistance target at $0.97. Volume remains low, requiring confirmation from buyers. PIUSDT (4H) Chart Source: TradingView One of the most notable developments is the formation of a bullish divergence on the RSI. While price recently formed a higher low, the RSI printed a lower low, a classic signal that momentum is shifting beneath the surface. This type of divergence is often interpreted as an early warning that sellers are losing control and that a bounce or trend reversal could be imminent. Adding weight to this signal is the price’s positioning within its current trading channel. PI is holding the lower boundary of an ascending channel, a region that has historically acted as a base for rebounds. The confluence of the bullish divergence and this structural support strengthens the case for a potential upside move. You might also like: Bitcoin surges past $97k as bulls build momentum Another important factor is the ongoing decline in trading volume. While this may seem negative at first, it typically suggests that price is coiling, finding equilibrium before the next big move. In this case, the drop in volume is occurring near support, reinforcing the idea that buyers may be waiting to step in upon confirmation. The recent short-term pump in price is the first sign that the bullish divergence may be triggering, but this alone isn’t enough. What’s needed now is sustained follow-through, ideally with increasing volume, to confirm that the reversal is genuine. If this follow-through occurs, the next logical target is the ascending triangle resistance near $0.97. What to expect in the coming price action, If volume begins to increase and momentum continues, PI could see a move toward the $0.97 resistance zone. Until then, price action will likely remain inside the ascending channel, with rotational movement between key support and resistance levels. Watch for confirmation and volume before committing to a directional bias. Read more: Binance Web3 Wallet integrates Sonic blockchain, enabling airdrops

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