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Despite the recent losses, falling wedges are considered bullish reversal patterns, especially after sharp downtrends.
A breakout typically occurs when the price closes above the upper trendline with a spike in volume. If that happens, analysts often set the upside target by measuring the maximum height of the wedge and adding it to the breakout point.
In PI’s case, the height of the wedge—measured from its early-March top near $1.04 to the support line—is approximately $0.35, about 50% higher than the current prices.
If PI breaks above the wedge’s resistance, the upside target could reach around $1.04, matching its last major swing high.
Watch For Market Tailwinds
Beyond technicals, broader macro and project-specific factors have contributed to PI’s extended downtrend.
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