Pi Network (PI) Testing key support - Can a jump lead to a bullish explosion?CoinsProbe2025-03-18 09:33:03FollowAnnotation generated by artificial intelligenceThe article discusses the latest price movements on the Pi Network and the potential trend change, indicating the formation of a falling wedge. If Pi bounces off current levels, a bullish breakthrough may occur, but a breakdown could lead to further losses. Traders are advised to carefully monitor the situation ahead of the FOMC meeting.Date: Tue, 18 March 2025 | 08:01 am GMTThe cryptocurrency market is experiencing mixed dynamics on the eve of today's important FOMC meeting, where the Federal Reserve will decide on the interest rate change. Against this uncertainty, Pi Network (PI) continues its decline, losing over 14% over the last 24 hours. The price fell from its 24-hour high of $1.39 to a low of $1.08 before a slight rise to $1.17.

Source: Coinmarketcap Despite this correction, the current price action indicates that PI may be preparing for a potential trend reversal that could lead to a strong bullish market entry. The formation of a falling wedge suggests a potential reversal. On the 4-hour PI chart, it appears to be forming a descending wedge pattern, a bullish reversal formation. After peaking at $3.00 on February 26, the token has been in a downtrend, losing over 60% of its value. Today PI tested the lower support of the wedge at $1.08, a critical level that previously served as strong support.
Pi Network (PI) 4-H Chart/Coinsprobe (Source: Tradingview)Після this test, PI managed to bounce back slightly and is now trading at $1.17. The price still has room for sideways consolidation before attempting to move towards the upper resistance of the wedge and the 20-day moving average (MA). If this pattern holds and the PI makes a successful bounce, a knockout of the wedge could trigger a bullish rally, with the following key resistance levels at $1.36, $1.57, and $1.80. However, if the PI fails to hold the support of the wedge, another wave of selling pressure could push its price to the $0.75 support zone, leading to a deeper correction. Although the MACD line remains below the signal line, the histogram is starting to show a decrease in bearish momentum. If the PI continues to consolidate and the MACD line crosses above the signal line, it may confirm a change in momentum towards an upward exit. A successful bounce off current levels could clear the way for a strong bullish trend, while a split below the support could lead to further losses. While the broad market awaits the Fed's decision, traders should keep a close eye on the price of PI and technical indicators to confirm its next move. Always do your own research before investing in cryptocurrencies.