TL;DR:
The Pi Network ecosystem has captured the full attention of investors following a week of exceptional performance. From mid-February lows of $0.13, the Pi Coin price climbed to $0.196 this Friday, March 6.
This 30% increase occurred over the last seven days, driven by the breakout of a technical formation known as an inverse head-and-shoulders. While the pattern’s initial target was 17%, buying pressure extended the rally to a solid 22% before hitting resistance.
However, this accelerated growth has begun to emit warning signals on short-term charts. The movement has exceeded standard technical projections, which typically precedes a profit-taking phase by early traders.
Despite the superficial optimism, technical indicators suggest that the bullish momentum could be losing steam. A hidden bearish divergence has been detected, as the price formed a lower high while the RSI marked a higher high.
Currently, the RSI is on the borderline of 70 points, indicating imminent overbought conditions. This technical scenario warns that buyers are exerting greater effort for diminishing results, which often leads to corrections.
To maintain the bullish structure, the Pi Coin price must hold above the $0.18 support level. If this level fails, the critical zone sits at $0.16; losing this mark would nullify much of the recent progress.
On the other hand, the March calendar features significant catalysts that could counteract the negative technical signals. The v20.2 update on March 12 and the highly anticipated Pi Day on March 14 could attract the necessary volume to challenge the $0.21 level.
