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The Pi coin price looks poised for a potential breakout after confirming a bullish MACD crossover on the daily chart a signal that could mark the beginning of a new upward trend. Analysts now wonder whether the Pi coin price is ready to soar this week following strong technical signals and renewed investor optimism.
According to data from crypto.news, the Pi coin price went parabolic on Monday, Oct. 27, jumping nearly 40% within 24 hours to reach a monthly high of $0.289 before easing slightly to $0.270.
While there wasn’t an obvious fundamental catalyst the surge in Pi coin price appeared largely driven by investor speculation surrounding potential project updates.
As of press time, the Pi coin price was hovering just above the upper boundary of a falling channel on the daily chart a structure that often precedes a bullish reversal once price action breaks through the upper trendline.
A falling channel typically forms when an asset trades lower between two downward sloping, parallel lines. A confirmed breakout above this channel especially with strong trading volume, often indicates that the Pi coin price could shift from a downtrend to a new bullish phase.
At the time of writing, the Pi coin price was trading around $0.261 slightly above the breakout level hinting that the market could be in the early stages of confirming this bullish reversal.
Other indicators are also aligning with this outlook. Both the MACD and signal lines are trending higher after confirming a bullish crossover a classic buy signal that supports the idea of strengthening momentum. The Awesome Oscillator has also flipped green showing a positive shift toward bullish sentiment.
Meanwhile, the Relative Strength Index (RSI) has climbed to 66, reflecting growing buying pressure while still staying below the overbought zone.
If the Pi coin price successfully clears $0.261 with rising trading volume, analysts project a potential rally toward $0.445 roughly 67% above current levels. This target is derived by adding the width of the falling channel to the breakout point, a standard method in technical analysis.
On the downside, traders are watching key support near $0.172, the low from Oct. 11, in case the breakout fails or momentum cools off.
Still, caution remains warranted. Historically, the Pi coin price has seen similar rallies tied to project related speculation that eventually fizzled. In May, for example after the Pi Network team hinted at a major announcement, the Pi coin price skyrocketed by triple digits within days only to collapse later falling well below its previous highs.
While the latest move looks technically strong, whether this rally can sustain beyond short term speculation remains to be seen.
