Pi Coin’s “Double Bottom” Pattern on Weekly Chart Targets a 160% Rally

The Pi Network’s token (PI), a controversial yet massively popular digital asset, appears to be forming a classic bullish “double-bottom” pattern on its weekly chart, a technical setup that is now putting traders on high alert for a potential short squeeze.

With the current price hovering near $0.64, , traders are eyeing a possible short squeeze, especially as social and technical signals align.

The weekly chart of PI/USDT shows a distinct double-bottom formation anchored by support around $0.5850 and a neckline near $1.6708. This pattern is widely regarded as a reversal indicator, particularly when accompanied by falling volume and volatility, both of which are present in the current structure.

160% rally from current levels

However, failure to hold above $0.5497, the most recent local low, would invalidate the bullish setup and potentially open the gates for a retest of the all-time low near $0.40.

The daily chart adds depth to this bullish thesis but also underscores 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 its next directional move.

The MACD is showing early signs of a bullish crossover. The histogram is flattening, and the MACD line is closing in on the signal line from below. Should this crossover complete in the coming days, it would support the bullish breakout narrative.

The Fibonacci retracement levels, measured from the swing high to the swing low, offer potential resistance points. Key retracement levels include:

These could act as profit-taking zones or resistance levels during an uptrend, with the $1.00 mark aligning with the 0.382 level.

There’s growing chatter about a potential exchange listing, which could act as the trigger for a short squeeze. Historical examples include ORCA soaring 200% post-Upbit listing, while Axelar, Ravencoin, and Pocket Network also saw massive spikes after similar events. If PI gets listed on a major exchange like Binance, Coinbase, or Upbit, it could mimic these explosive moves.

Further fueling this narrative is rising social dominance, now at 0.276%, , its highest since May 21. Social sentiment often precedes price action, especially in highly speculative assets.

Also on the radar is the upcoming Pi Day 2 event on June 28, which marks the end of the .pi domain auction and the closing of the Open Network PiFest. This could provide the fundamental catalyst needed to push PI above resistance levels and validate the bullish double-bottom pattern.