The target rise for the "double bottom" model on the weekly chart of Pi coin is 160%! #PI#

Pi Network #PI# PI( token, despite the controversy, is an extremely popular digital asset that seems to be forming a classic bullish "double bottom" pattern on its weekly chart. This technical setup now keeps traders highly alert to potential short-term compression.

According to CoinMarketCap data, a short-term rise is expected, especially considering the coincidence of social signals and technical signals.
Bull Market Plan: "Double Bottom" on the Weekly Chart.

The weekly chart of PI/USDT shows a clear double bottom pattern, with support around $0.5850 and the neckline near $1.6708. This model is typically seen as a reversal signal, especially in the current structure where it is accompanied by a decline in volume and volatility.
Confirming a breakthrough of the psychological resistance at $1.00 could trigger a move towards the neckline at $1.6708, a rise of 160% from the current level. Beyond this level, Fibonacci extension levels suggest an ambitious target range of approximately $2.40 ) 1.618( and possibly $3.50 ) 2.618(, if momentum continues to strengthen.

However, if the coin pair fails to stay above $0.5497, which is the last local low, this will turn the optimistic outlook into a bubble and may open up opportunities to test the historical low close to $0.40 again. Daily indicators show that momentum is strengthening.

The daily chart adds depth to this bull market argument but also emphasizes the need for caution. The Relative Strength Index ) RSI ( is currently at 42, indicating neutral momentum, neither overbought nor oversold. This suggests that PI is consolidating and may be preparing for the next directional move.

The MACD shows early bull market crossover signals. The histogram is flattening, and the MACD line is approaching the signal line from below. If this crossover is completed in the next few days, it will support the narrative of a bull market breakout. The Fibonacci retracement levels measured from the highest to the lowest points provide potential resistance points. Key retracement levels include:

0.382 )$1.0288(
0.5 )$1.1603(
0.618 )$1.2917(
0.786 )$1.4789(

They can act as profit-locking areas or resistance levels in an upward trend, where the $1.00 mark coincides with the 0.382 level.
What could cause a temporary compression of pi?
This sentiment has been supported by the increasingly dominant social position, currently at 0.276%, the highest level since May 21. Social sentiment often precedes price movements, especially in the case of highly speculative assets. Also of interest is the upcoming Pi Day 2 event on June 28, which marks the end of the .pi domain auction and the conclusion of the Open Network PiFest. This could be the fundamental catalyst needed to push PI above the resistance level and confirm a bullish double bottom formation.