- Pi Network retreats from two-month high, testing six-day winning streak, amid overbought RSI.
- Sustained break of key SMAs, bullish MACD signals keep Pi/USD buyers hopeful.
- “Golden Fibonacci Ratio” remains on bull’s radar unless Pi slides beneath $0.60.
Pi Network (Pi/USD) bulls pause after reaching 50% Fibonacci resistance, but bullish momentum holds strong with Moving Average Convergence Divergence (MACD) indicator and key moving averages supporting the upside. That said, the Pi/USD prints more than 16% intraday gains around $1.31 during Monday’s US session.
Technical chart: Daily chart suggests strong buying conviction.
Source:Tradingview
While overbought conditions of the Relative Strength Index (RSI) 14 line triggered the Pi Network’s retreat from 50% Fibonacci retracement of February-April drop, bullish MACD signals and sustained trading beyond the 10-day Simple Moving Average (SMA) and the six-week-old horizontal resistance, now support, keeps the Pi/USD bulls hopeful.
Even if the Pi/USD slides beneath 10-day SMA level of $0.75, rising line from April, close to $0.60 at the latest, could serve as bulls’ last line of defense.
Meanwhile, Pi/USD faces immediate resistance at the 38.2% Fibonacci level of $1.39, followed by the 50% Fibonacci mark at $1.70.
It’s worth mentioning, however, that the Pi Network’s rise past $1.70 could open the door to the 61.8% Fibonacci retracement level of $2.00, also known as the “Golden Fibonacci Ratio”. That said, the 78.6% Fibonacci ratio of $2.45 and the $3.00 threshold could lure Pi/USD bulls afterward.
Pi/USD: Four-hour chart
Source:Tradingview
On the four-hour chart, Pi/USD looks set to test the 23.6% Fibonacci level around $1.01. Below that, the 200-bar SMA at $0.74 and long-term support near $0.60 could limit further losses—unless broken, which could lead bears to April’s low of $0.40.
On the upside, the mid-March high of $1.81 acts as an extra filter toward the north, other than $1.39, $1.70 and $2.00.
To sum up, Pi/USD marks stellar retreat from the key Fibonacci resistance but the bullish bias remains intact.
