Pi Network(PI) price analysis: Positive progress in the Iranian conflict is expected to bring a 15% pump

Gate News, market data shows that Pi Network (PI) rose by 2.4% in the past 24 hours, currently trading at $0.5478. Along with this, other zones in the Crypto Assets market have generally risen. Earlier reports indicated that Israel and Iran had reached a ceasefire protocol, but later news suggested that the protocol had been violated. Nevertheless, the price of Pi Network continues to show a rising trend, leading holders to speculate on the potential impact of this geopolitical situation on Pi coin.

PI Network price target broke through the wedge after pumping PI Network has been in a descending wedge pattern for the past two weeks. The current price is testing the resistance zone above, indicating that after being driven by the ongoing conflict in Iraq in the near term, the rising momentum may be strengthening.

PI coin is currently trading near the resistance level. Since the rebound began, it has tested this resistance level multiple times, indicating that the bulls are aiming for a breakthrough. If the breakthrough is accompanied by strong buying volume, it will pave the way for a reversal to the upside.

The rebound that breaks through the reversal form of rise will be consistent with the height of the form. In this case, this indicates a possible 15% rebound. If PI coin can decisively close above this resistance on the four-hour chart, the price may reach $0.62.

RSI also confirmed the view that the Pi Network price may pump significantly after rebounding from the oversold zone to 53. If this indicator continues to set higher highs, the Pi coin price may continue to rise trend.

(Image Source: Tradingview)

However, only by looking at the MACD indicator of the rise can support the continued breakthrough of this descending wedge shape. Currently, the indicator is in the negative zone and is trying to break through the zero line. Once the MACD indicator turns to look for a rise, the bulls may have the strength to break through the resistance level.

How will the Israel-Iran conflict affect PIcoin? In the past 24 hours, Picoin's price rise is not unique, the entire market also shows a rising trend. In fact, according to CoinMarketCap's data, the global market value of Crypto Assets rose by 4.2% on Tuesday, reaching $32.5 trillion.

This rise reflects traders' behavior of allocating funds to risk assets such as Bitcoin, Ethereum, and PIcoin. If the ongoing conflict in the Middle East is resolved, the price of PIcoin may not only rise to the downside wedge target but even reach $1. However, if no solution is in sight and traders start reducing positions to mitigate risk, it may push the price back into the bearish zone.

Renowned analyst Dr. Altcoin supports this bullish view, believing that if there is positive progress in this conflict, the price of PI coin will rise, he said:

The news of the ceasefire between Israel and Iran is a positive development for PI. PI is unlikely to fall below $0.40, which is currently the historical low.

In short, if there is positive progress between Israel and Iran, increasing traders' risk appetite, the price of Pi Network may rise. The descending wedge pattern suggests that Pi Coin is about to record a 15% rise after testing the resistance level above the price trend line.

News Source: CoinGape