The Pi Network price has exhibited a significant upward reaction from the 0.618 Fibonacci Golden Pocket, accompanied by the formation of an engulfing candle that signals a reversal towards the $0.29 resistance level. This development comes after a period of sustained weakness, where the price struggled to maintain its position above a key value area before sharply returning to the golden pocket support zone.
Overview of Pi Network’s Price Movement
Pi Network (PI) has shown early signs of recovery after finding strong support at the 0.618 Fibonacci gold pocket, a critical confluence zone where bullish momentum has resurfaced. The move is characterized by a bullish engulfing candle on the 4-hour chart, confirming renewed buyer demand. This technical setup suggests that the price could rally towards the $0.29 resistance level, provided the support above the golden pocket is maintained.
Key Technical Points for Pi Network Price
Several key technical points are worth noting in the context of Pi Network’s price movement:
- Golden Pocket Support: The 0.618 Fibonacci retracement level acts as the pivotal zone for a possible reversal, indicating a strong support area where buyers are likely to intervene.
- Bullish Engulfing Candle: The formation of a bullish engulfing candle at the support level confirms strong buyer interest, as it indicates that buyers are gaining control over the price action.
- Next Destination: The $0.29 level remains the immediate resistance for a continuation of the rally, provided the volume continues to support the upward move.
PINETWORK (4H) chart, source: TradingView
Technical Perspective and Future Outlook
From a technical perspective, Pi Network’s current structure reflects a classic Fibonacci-based reaction. After being rejected near the $0.29 level, the price action retraced to the golden pocket of 0.618, where buyers intervened with conviction. The subsequent bullish engulfing candle, accompanied by visible volume inflows in the volume profile, is an important confirmation of renewed buying interest. This confluence between the Fibonacci level, local volume support, and structural base suggests that the $0.20-$0.22 area could serve as a short-term accumulation zone before the price attempts to rotate higher.
The market structure remains cautiously bullish as long as the price remains above the golden pocket zone. The engulfing candle indicates that momentum has shifted in favor of the buyers, but confirmation requires continued bullish volume inflows in the coming sessions. If buying pressure increases, Pi Network could reclaim the short-term moving averages and retest the $0.29 resistance, where a breakout could trigger another uptrend continuation. Conversely, weakening demand could lead to sideways consolidation before a decisive move occurs.
Expectations for Upcoming Price Development
Pi Network’s $0.20 to $0.22 area will serve as a key zone to watch. Sustained price action above this level with increasing volume would confirm that the gold pocket bounce has initiated a true reversal. A clear breakout towards $0.29 would confirm the return of bullish sentiment and would likely continue the current recovery trend. For more detailed analysis and updates on Pi Network and other cryptocurrencies, visit https://crypto.news/pi-network-price-rebounds-at-golden-pocket-why-0-29-is-back-in-sight/
