Pi breaks through the long term trading threshold – Strong resistance is ahead.

Pi (PI) is the native token of Pi Network – a project aimed at bringing blockchain technology and cryptocurrency closer to the public through a user-friendly interface and a simple mobile mining mechanism.

In recent sessions, the price of Pi has reached an important resistance level in the range of $0.648 to $0.656 ( from June 2 to June 4 ). After that, the price continued to rise with increased trading volume, aiming to test the bullish crossover signal in the Ichimoku cloud – a sign supporting the upward trend.

Meanwhile, the Stochastic RSI indicator is currently above the 80 threshold, indicating that the market has entered the overbought zone, warning of the possibility of a short-term correction before the upward trend is confirmed.

Source: TradingViewPi (PI) is currently trading around $0.65 after breaking out of the previous narrow range, however, it still cannot surpass the important resistance level as the bullish momentum indicated by the MACD signal remains weak.

The MACD indicators show mixed signals, oscillating around the 0 level with the histogram slightly tilted towards the negative, indicating that the bulls are quite cautious and not really decisive yet.

At the current price of $0.65, Pi has found a near support level at $0.6494. On the 4-hour timeframe, the price maintains above the EMA 20 line, indicating that a short-term bullish structure is being maintained, but it still faces pressure from the resistance level of the 50-day SMA at (0.714 and the EMA 100 at )0.6774.

On the daily timeframe, Pi is being constrained within a descending triangle pattern, indicating that the bearish trend still poses a threat. This bearish scenario can only be broken if the price closes convincingly above the $0.675 level, opening up opportunities for a stronger recovery.

The official acceptance of Pi Coin by Zypto App, the leading VISA card, has significantly contributed to expanding the token's practical application in payment transactions. In addition, the upcoming launch event of a new integrated blockchain game called "FruityPi" further increases the attraction and expands Pi's use cases in the entertainment and gaming sectors.

In the context of the Fear & Greed Index being at a neutral level of 57, combined with a 21% decrease in 24-hour trading volume, traders are maintaining a cautious yet fairly optimistic stance. If the price of Pi can clearly break above the $0.675 mark, it is likely to move towards testing the next resistance area around $0.72. On the contrary, a break below the support level of $0.649 could trigger a new downward correction.

Minh Anh