- Pi Network jumped 16% on Wednesday amid growing buzz around Pi2Day, with bullish intentions on surpassing $0.66.
- Kaspa edges higher as the trendline breakout concludes the pullback phase, targeting $0.090.
- Bitget prints its fourth consecutive bullish candle, aiming for the 50% retracement level at $4.87.
The cryptocurrency market is experiencing a revival of risk-on sentiment as the Iran-Israel conflict subsides, resulting in Bitcoin (BTC) reaching $108,000 and tailwinds for top altcoins. In line with the rising risk appetite of investors, Pi Network (PI), Kaspa (KAS), and Bitget (BGB) outpace the broader market’s recovery over the last 24 hours.
Pi Network wedge breakout gains momentum
Pi Network softens marginally at press time on Thursday following the 16% jump the previous day. The recent buzz aligns with the Pi Network team’s teasing of generative AI integration, as reported by FXStreet.
Amid the uptrend, Pi Network surpasses a critical resistance level formed by peaks on May 22 and June 14. Adding to this, a converging support trendline extrapolated over May 17, May 31, and June 17 completed a falling wedge pattern.
The breakout rally faces opposition at the $0.6600 level, marked by the May 17 low. If PI closes above this level, the uptrend could extend towards the $0.8686 level, a swing high from May 21.
The Moving Average Convergence/Divergence (MACD) indicator flashes a buy signal as the MACD line crosses above its signal line. The rising green histogram bars indicate a surge in buying pressure.
The Relative Strength Index (RSI) at 53 crosses above the halfway line, indicating increased momentum that supports the ongoing uptrend.
If Pi Network reverses from $0.6600, it could retest the $0.5090 level, last tested on June 21.
Kaspa breakout rally eyes monthly high
Kaspa edges higher by 1% at the time of writing, extending the weekly recovery with the fourth consecutive green candle. The uptrend accounts for 21% so far this week and breaks a resistance trendline formed by peaks on May 12, May 22, and June 10.
It’s worth noting that Kaspa’s trendline breakout outgrows a falling wedge formed by the support trendline connected with the May 31 and June 22 closing prices. Price action targets the immediate resistance at the $0.082 level, marked by the June 16 high.
A daily close above this level could target $0.090, the highest closing price in June.
The MACD indicator displays a crossover between the MACD and signal lines, signaling a trend reversal. The RSI is at 47, inching closer towards the halfway line, indicating a gradual decline in selling strength.
However, a failure to surpass $0.082 could revert KAS towards the broken resistance trendline, near $0.070.
Bitget targets the 50% retracement level
Bitget extends the V-shaped reversal with an uptick on Thursday, with a streak of four positive candles. The uptrend in BGB surpasses a local resistance trendline connected by the May 24 and June 11 swing highs.
The 50% Fibonacci retracement level, at $4.87, is drawn from the highest price in May at $5.84 to the monthly low at $3.91, and acts as the immediate resistance. A closing above this could extend the uptrend towards $5.84.
The MACD indicator triggers a fresh crossover between the MACD and signal lines on Wednesday, signaling a potential buy opportunity. The RSI takes off the oversold boundary nearing the halfway line, suggesting a decline in bearish momentum.
A reversal from the 50% Fibonacci level at $4.87 could result in a retest of $3.91.
