Pi Coin’s steep decline since May reflects waning hype and thinning liquidity following its mainnet launch, but technical patterns and upcoming events suggest a potential reversal.
As volatility dries up and the price consolidates within a classic bullish wedge formation, momentum may return ahead of Pi Day 2 on June 28 and ongoing domain auction excitement.
While risks remain, the stage is quietly being set for a possible rebound driven by both chart signals and fresh ecosystem developments.
Technicals point to a Pi Network price comeback
Yes, Pi Coin (PI) crashed into a deep bear market after plunging by over 60% from its highest point in May. It dropped to $0.5370 on Saturday, June 21, with its 24-hour volume falling to $74 million from a peak of $3 billion after its mainnet launch in February.
The eight-hour chart shows that the Pi Coin price jumped to a high of $1.6675 in May. This surge happened as investors waited for the promised ecosystem news during the Consensus event in Toronto.
It then plunged after the developers launched Pi Network Ventures, a $100 million fund to invest in startups.
The chart shows that the MACD indicator has continued falling, a sign that it is not volatile. Similarly, the three lines of the Donchian Channels have narrowed, also a sign that they are not volatile.
A period of low volatility is often a sign of accumulation among investors, which results in a bullish breakout.
Pi Network price has formed a falling wedge pattern, consisting of two descending and converging trendlines. A falling wedge is often a highly bullish reversal sign.
The two lines of this wedge have narrowed, meaning that the coin may have a strong bullish breakout in the next few weeks. If this happens, the next potential target to watch will be $1, which is about 85% above the current level.
The bullish Pi Coin price forecast will be invalidated if it drops below the key support at $0.3940, its lowest point this month.
Pi Day 2 could be a catalyst
Pi Network has some potential catalysts that may push it higher in the longer term. For example, it could gain traction ahead of Pi Day 2 celebration on June 28.
Also known as Tau Day, it is an alternative to the main Pi Day on March 14. This commemoration will happen on the same day that the .pi domain auction ends. Pi Domains had over 123,000 active bids and over 3 million bids during the auction.
Another potential catalyst for Pi price is the ongoing ecosystem growth. In a note, the developers cited several applications that have launched on the network, including FruityPi, a fruit-matching game. Pi Network may also rebound as the odds of Federal Reserve cuts rise.
In a statement on Friday, Christopher Waller, a Fed Governor, said that the bank may cut rates as early as July, which may benefit Bitcoin and other coins.
