#PI# PI Network Token (PI) has recently shown a strong price trend, successfully breaking through the upper boundary of the consolidation channel from August 2 to 8, releasing a bullish breakout signal. In the past 24 hours, the price increased by 2%, adding to the previous day's 16% surge and a trading volume spike of 150% to $270 million, forming a positive pattern of rising volume and price. Technically, it has stabilized above the 20-day EMA ($0.4038) dynamic support, but faced resistance and fell back when hitting the key resistance at $0.46 (4-hour supply zone + upper Bollinger Band). Whether it can break through $0.4451 or hold above the $0.3773 support will determine the short-term direction. Currently trading at $0.413, the Bull vs Bear Battle intensifies. 【Breakout Signal: Rising Volume and Price Break the Stalemate】 The recent price performance of PI has been remarkable, strongly breaking the upper boundary resistance of the Horizontal Channel last Saturday (August 10), ending the consolidation pattern from August 2 to 8, and releasing a potential bullish breakout initiation signal. • In the past 24 hours, the price of PI rose by 2%, continuing the strong increase of 16% from the previous trading day, reflecting improved market sentiment and returning buying interest. • Key verification signal: Trading volume surged. Along with the price breakout, the trading volume soared nearly 150% in the past 24 hours, reaching $270 million at the time of writing. This "price above the 20-day EMA usually indicates that short-term bullish momentum is strengthening, and buyer interest is increasing. • This moving average has now turned into a dynamic support level, providing a technical support foundation for the price. 【Current Bull vs Bear Battle: Strong Resistance Zone Faces Pullback】 Despite the positive momentum after the breakout, the price of PI encountered significant selling pressure when approaching the key resistance zone at $0.46 (approximately 4% down from the high at the time of writing). The reasons for this strong technical pressure zone are: 1. 4-hour chart supply zone: A selling pressure area formed by historical dense trading. 2. Daily chart upper Bollinger Band: A traditionally overbought area. 3. Daily EMA cluster: Daily downtrend line (suppressed since May): Long-term downward structure remains unbroken. • 4-hour chart details: Although it broke through the 20 EMA ($0.391) and 50 EMA ($0.384), it faced resistance and fell back at the 200 EMA ($0.4287). The current price is testing the middle Bollinger Band ($0.4402), which has turned into immediate resistance. 【Key Path: Breakout Target and Defensive Support】 • Upside Scenario: • If buying momentum resumes, the primary target is to break through the $0.4451 resistance. The decisive strong-weak dividing line is $0.46. Successfully breaking through this area can confirm the continuation of the bullish trend. • Downside Risk: • If profit-taking emerges, the price may pull back to the $0.3773 support level. • A closer dynamic support is at the 20 EMA ($0.391). • Concerns: The On-Balance Volume (OBV) indicator is still at a multi-month low, suggesting that despite the price rebound, the large-scale accumulation remains relatively weak. 【Conclusion: Breakout Verification Period Approaches, Focus on the $0.46 Battle】 With a strong performance of rising volume and price breaking the stalemate, the short-term technical structure of PI has strengthened. Holding above the 20-day EMA and breaking the horizontal channel lays the foundation for potential upside. However, the $0.46 area gathers multiple technical resistances (daily downtrend line, EMA cluster, upper Bollinger Band, 4-hour supply zone), posing a severe challenge. The divergence in the OBV indicator also suggests that the foundation of the rebound needs to be consolidated. The current market is in a key verification period: 1. If the bulls can build momentum to conquer the $0.4451-$0.46 strong pressure area, it will open up space to challenge $0.53, reversing the long-term downward trend. 2. If it continues to face resistance and loses the dynamic support at $0.391 (20 EMA), it may pull back to $0.3773, or even face deeper correction risks. Traders need to closely monitor the price contest at the critical watershed of $0.46 and changes in trading volume, and manage risks accordingly.