Gate News reports that as of March 24, Pi Network (PI) is trading around $0.188, slightly down intraday but still up approximately 11.6% this month. From a technical perspective, the market is at a critical turning point: on one hand, the RSI shows hidden bullish divergence, indicating weakening selling pressure; on the other hand, an ascending cup-and-handle pattern is gradually forming on the 8-hour chart, suggesting about 22% upside potential.
Specifically, from mid-February to late March, PI’s price has been making higher lows while RSI has been making lower lows, a classic hidden divergence that typically signals trend continuation rather than reversal. Meanwhile, the “cup-and-handle” formation that began in mid-March is nearing completion, with the current price in the “handle” zone. A breakout above the neckline would trigger a technical rally.
The key variable influencing the short-term direction is the PISI indicator from BeInCrypto. Currently, it reads -0.03, near the neutral zone, indicating that PI has not yet developed strong independent momentum apart from the altcoin market. Historical data shows that when PISI deviates significantly from zero, it often accompanies sharp volatility; the current state is closer to consolidation.
Additionally, market momentum shows subtle shifts. The Chaikin Money Flow (CMF) has risen to 0.03 and returned to positive territory, suggesting some large investors are re-entering. Combined with previous instances where similar signals preceded upward moves, this change is seen as a potential early warning sign.
Key levels to watch include the $0.200 resistance, which acts as both a psychological and technical barrier, aligning with the 0.5 Fibonacci retracement level. A daily close above this level would confirm a breakout, targeting the neckline at $0.204. If surpassed, the next targets could be $0.246 or even higher in the $0.275 range.
Support levels are at $0.182; if broken and CMF weakens, the price could retrace to around $0.168, invalidating the current bullish structure.
It’s worth noting that PI has low correlation with Bitcoin and is more driven by overall altcoin liquidity. Given that market rotation has not yet fully unfolded, the pace of PI’s breakout still depends on clearer capital catalysts.
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