Pi Token Pumps 4X — Is the Rally Real or a Trap?

Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.

The entire crypto market is pumping and most of the tokens have already gone 2X. One of the tokens which was criticized recently was Pi token and Pi token has pumped 4X from it's all time low at 40 cents. Will it go higher or will we see a downfall again? We will do a technical analysis to understand that in this blog so stay with me till the end.

In the above screenshot I have shared the Raw chart form for Pi token and we are going to analyze it on a daily chart initially as it has been only three months of time since the token was listed on the exchanges. Before we move further remember these are my personal analysis and no form of financial advise is given here.

You should always do your own research and take decisions for yourself because this is Crypto market and it is one of the most or maybe the most risky market present in the world right now.

In the screenshot above we have created a resistance trendline which is at 1.12 USD that was broken today after which Pi touched 1.66 USD and made a 4X from it's All time low at 40 cents approx. and Pi is currently trading at 1.27 dollars so Pi can come down to test this support line as it is now acting as support trendline.

We have to keep an eye on that as if it get's broken we might see Pi falling to lower levels as well. If the support is confirmed successfully then we will see Pi aiming higher once again. No why this trendline is important will be visible in the screenshot below.

The four blue arrows are showing us that this trendline acted as resistance as well as support for Pi token. The first arrow is where we see the support getting broken after which the rest of the three arrows confirmed that trendline to be one of the strongest support for Pi token and that is why we should keep an eye on it.

I did not thought of sharing the weekly chart for Pi but you can see that in the screenshot below.

95 cents is where we might see Pi token if the support line seen in the screenshot is broken. So that is how the weekly chart is for Pi token at this moment. Apart from all this we should not forget that this was a immediate pump for this token and whales might just be manipulating people to buy this token.

My only advise at this moment for this token is that you should not buy it and if you already have it as your previous investment you can hold it longer.

Thank You