Chart Warns of Pi Coin Price Crash After Short Bullish Spike
Pi Coin shows signs of a short-term bounce, but a macro bearish pennant pattern suggests an eventual price crash is likely.Summary
Pi Coin has recently dropped in price but is attempting a stabilization, indicated by slowing but present inflows shown by the Chaikin Money Flow (CMF) indicator, suggesting fragile short-term optimism. However, the broader technical outlook is bearish, as the asset appears to be forming a bearish pennant pattern, which typically signals a continuation of the prior downtrend. If this pattern plays out, Pi Coin could see a significant drop toward a macro target of $0.182. Currently trading around $0.232, Pi Coin is testing the $0.224 support within an ascending channel, which could lead to a brief recovery toward $0.250. Failure to hold $0.224, however, would invalidate this short-term bounce and reinforce the prediction of a deeper crash.
(Source：BeInCrypto)