Can Pi Network price recover $0.20 after breaking the key resistance line?

Pi Network’s price rose more than 50% to $0.20 early last week before paring some of its gains and settling down. Can it regain a key psychological figure now that it has confirmed a multi-month breakout against the trendline?

According to data from crypto.news, the price of Pi Network (PI) rose nearly 54% to a four-week high of $0.20 on February 15 before the profit returned to $0.17 at the time of writing, although it still retains 20% gains in the seven-day period.

The gathering of the PI network came amid investor clamor around the project’s upcoming significant development in the following months, which aims to build the ecosystem into a more decentralized network. Notably, the development of its mainnet node operators is part of its transformation from version 19 to 22 of the Stellar network to accelerate its power distribution vision while seeking to increase performance, better security, and scalability to support the project’s long-term network growth.

Another catalyst fueling this uptick is the hype surrounding the first year mainnet launch in Feb. 20. Investors often celebrate these milestones by buying more tokens, which can often drive speculative rallies.

Against this background, derivative data shows that the Pi Network token’s funding level has changed from negative to positive at press time. This reversal suggests that traders are rotating from bearish to bullish territory, which tends to raise market sentiment around the related token.

Additionally, there is much public discussion that the token may be listed on crypto exchange Kraken later this year. Getting listed on a major exchange like Kraken, which has a customer base of millions, can provide a significant boost to your price and overall liquidity.

On the daily chart, the price of Pi Network has confirmed the breakout of the descending line that has been acting as a strong resistance since late November last year. A breakout of this old pattern indicates that the bulls are reclaiming market dominance and appear to be in a position to push prices higher in the short term.

Evidence of a growing uptrend is visible across several oscillators, the MACD lines are trending upwards to indicate a positive crossover with momentum. This is often interpreted as a sign that the distribution period is ending and accumulation has begun.

To confirm this change, the Aroon Up at 92.86% far exceeds the 28.5% of the Down reading, which confirms that the bulls have successfully captured the price recovery process.

Therefore, the Pi Network is well positioned to see a potential rebound in Feb. 15 above $0.20. If the bullish momentum persists, the rally could extend to Nov. 28 high of $0.28, which is 64% above the current price level.